KARACHI: Directorate of Customs Valuation Karachi has revised the Customs values of phenolic resin, polyurethane resin, melamine resin and epoxide resin vide Valuation Ruling No.1351/2019.
Earlier the Customs values of Phenolic Resin, Polyurethane Resin, Melamine Resin, Alkyd Resin and Epoxide Resin were determined vide Valuation Ruling No. 1278/18. Several importers filed revision applications under section 25-D of the Customs Act 1969.
The Director General vide Order-in-Revision referred back the case to the Director of Customs Valuation for reconsideration. Meanwhile, various representations from different stakeholders were also received. Keeping in view the prevailing prices in the international market, the Directorate General initiated an exercise for re-determination of the Customs Values of the subject goods.