ISLAMABAD: The Directorate General of Customs Valuation Karachi has issued new customs values on the import of plastic raw materials.
According to a new valuation ruling issued by the directorate on Tuesday, prices as published by International Publications like Platts Polymerscan, ICIS; etc, and in consultation with Pakistan Plastic Manufacturers Association (PPMA) updated time to time.
Background of the valuation issue revealed that a representation dated 03.01.2025 regarding submission of price schedule of plastic raw materials was submitted by the Pakistan Plastic Manufacturers Association in the international market in this directorate that included price schedule of plastic raw materials of different types and nature including that of prime quality and recycled one that are imported into Pakistan from different origins.
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Moreover, import data of declared and assessed values reflect variations given the fact that the determination of customs value of items specifically that of recycled plastic raw materials are not done under Section 25A of Customs 196.
As a result, an exercise has been undertaken by this Directorate to determine the same in line with values prevalent in international market. The meeting was convened which was attended by the relevant stakeholders.
In this regard, (90) days’ clearance data has been retrieved and the same has been scrutinised. The analysis reveals that there are variations in the declared values as well as the corresponding assessed values.
These values are also not consistent with the prevailing international market prices. Therefore, prices have been retrieved from the international publication, namely PLAITS and ICIS, which show price trend the subject goods in the international market, and the same have been examined.
Subsequently, available data/ information collected through international publication; i.e., PLAITS and ICS, were thoroughly scrutinised and compared with the import data of the relevant period to determine Customs values.
Copyright Business Recorder, 2025
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