ISLAMABAD: The Directorate General of Customs Valuation Karachi has fixed new customs values on the import of hot melt adhesive glue stick/granules/chips/pellets/solid and other forms from China, UAE, Saudi Arabia, Indonesia, Malaysia, Thailand, Japan, Europe, USA, and Canada.

The directorate has issued a valuation ruling number 1830 of 2023 here on Saturday.

Earlier, the customs values of hot melt adhesive glue stick/granules/chips/pellets/ solid 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.

The Appellate Tribunal set aside the impugned Valuation Ruling vide judgments to the extent of appellants. Meanwhile, different stakeholders also requested to re-determine customs values afresh in line with values prevalent in the international market.

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Therefore, an exercise has been undertaken by this Directorate to determine the same. The meeting was convened which was attended by all the relevant stakeholders. The issues pertaining to the valuation of subject goods were deliberated upon in detail in the aforementioned meeting.

The stakeholders submitted their proposals and the same were considered pertaining to the valuation of subject goods. The importers contended that the Customs values of Hot Melt Adhesives are on a 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. The directorate has retrieved ninety days’ clearance data and the same has been scrutinized.

Copyright Business Recorder, 2023