Subscribing is the best way to get our best stories immediately.
ISLAMABAD: Directorate General of Customs Valuation Karachi has issued new customs values on the import of Water Based Acrylic Type Self Adhesive Tape (BOPP/OPP) and Hot Melt Rubber Based Self Adhesive Tape in- Jumbo/Log Roll or in retail packing. Manual Strapping Band
The new ruling would be applicable on the imports from China, Hong Kong, Malaysia, Korea/UAE /Taiwan, Canada, Europe, Japan and USA.
Earlier, the Customs values of Water Based Acrylic Type Self Adhesive Tape (BOPP/OPP) and Hot Melt Rubber Based Self Adhesive Tape in Jumbo/Log Roll or in Retail Packing were determined under section 25A of the Customs Act, 1969 vide Valuation Ruling No.1588/2022.
However, different stakeholders requested to re-determine 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.
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 afore-referred meeting.
The stakeholders submitted their proposals and the same were considered pertaining to the valuation of subject goods.
The importers contended that the values are higher in the Valuation Ruling and same need to be revised downwards at prevailing international prices. They also submitted proposals and copies of sales tax invoices to substantiate their claim. They requested to determine the Customs values in line with current prices in the international market.
Industrial Plastic Wrap Customs values of Water Based Acrylic Type Self Adhesive Tape (BOPP/OPP) and Hot Melt Rubber Based Self Adhesive Tape in Jumbo/Log Roll or in Retail Packing, hereinafter specified, shall be assessed to duty / taxes at the new customs values, FBR’s directorate added.