KARACHI: Director Customs Valuation Manzoor Memon has determined the custom values of synthetic rubber ‘NBR’ & ‘SBR’ vide Valuation Ruling No.772/2015.

Customs values of Synthetic Rubber (NBR & SBR) were determined vide Valuation Ruling No.579/2013 in 2013. The trade community has been demanding revision in prices of this commodity owing to downward trend in its prices in international market.

In order to address their concerns meetings with the stakeholders were held and importers were asked to furnish the supporting documents in support of their contention, which were provided by some of them.

While the case was under scrutiny, Sindh High Court in a case of Evershine International ordered for revision of Valuation Ruling.

An exercise as per law was conducted and customs values of the goods have been revised.

Accordingly, Synthetic Rubber (SBR) under PCT 4002.1900 of all origins would be assessed to duty and taxes at $1.6 per kg while Synthetic Rubber (NBR) under PCT 4002.5900 of all origins would be assessed to duty and taxes at $1.9 per kg.