ISLAMABAD: The Directorate General of Customs Valuation Karachi has revised customs values on the import of Hot Melt Adhesive Glue Stick/ Granules/ Chips/ Pellets/ Solid/ other forms from China, UAE, Saudi Arabia, Indonesia, Malaysia, Thailand, Japan and Europe.

A new ruling has been issued by the directorate here on Wednesday.

Earlier, the customs values of Hot Melt Adhesive Glue Stick/ Granules/ Chips/ Pellets/ Solid/ Other forms were determined vide Valuation Ruling No. 1668/2022. Being aggrieved, some importers filed customs appeals before the Customs Appellate Tribunal against the said Valuation Ruling.

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The Appellate Tribunal set aside the impugned Valuation Ruling to the extent of appellants. Meanwhile, different stakeholders also requested to Customs values afresh in line with values prevalent in the international market. Therefore, an exercise has been undertaken by this Directorate to determine the same.

The importers contended that the Customs values of Hot Melt Adhesives are on higher side as compared to the prices in the international markets.

Therefore, the existing Valuation Ruling needs to be revised downwards according to the prevailing prices in the international markets. The participants also submitted proposals in this regard. Ninety (90) days’ clearance data has been retrieved and the same has been scrutinised.

The available data/ information collected such as sales contracts, proforma invoices, and GDs of the stakeholders were thoroughly scrutinised and freight value at the time of previous ruling and prevailing freight values have been examined which are drastically reduced, the new ruling added.

Copyright Business Recorder, 2023