KARACHI: Director Customs Valuation Iqbal Muneeb has revised the Custom values of Silicon Sealant vide Valuation Ruling No. 1354/2019.

Earlier the customs values of Silicon Sealant were determined vide Valuation Ruling No. 706/2015. There were several representations from different stakeholders, wherein they contended that customs values determined in the existing Valuation Ruling are not reflective of prices in international markets, therefore required to be revised in line with the prevailing prices in the international market. Keeping in view the prevailing prices in the international markets, an exercise was initiated for re-determination of the Customs Values of the Silicon Sealant. [the_ad id=”31605″] During the course of meetings stakeholders stated that Silicon Sealant is imported in two different packing; drum packing and retail packing like cartridges and tubes etc. Some of the stakeholders of this product informed that the cost of raw materials of this product has increased over the years especially key ingredients has witnessed an upward trend.

They proposed that the value determined in the existing ruling may be revised according to the price trend in the international market.