KARACHI: Directorate General of Customs Valuation, has determined the customs value of imported floral foam vide valuation Ruling No.745/2015.

According to details, the valuation department had received many cases regarding the imported Floral Foam of Malaysian origin for the purpose of correctly determining its customs value.

Moreover, on June 03, 2015 a meeting was held with all the stakeholders and representatives of importers, Custom Collectorate, KCCI to get their feedback on the subject matter.

Later, after thread bare discussions the Customs Value for the assessment of floral foam under PCT heading 3921.9090 was determined at $ 5.5 per kg of Malaysian origin.

It is important to mention that in case of consignments imported by air, the assessing officer shall take into account the differential between air and sea freight at the time of applying custom duty.