The Directorate General of Customs Valuation Karachi has announced revised customs values for imported plastic raw materials, aligning them with international market trends.
According to the latest valuation ruling issued on Tuesday, the new customs values are based on prices published by international sources such as Platts Polymerscan and ICIS. The update was made in consultation with the Pakistan Plastic Manufacturers Association (PPMA) to ensure accuracy and industry alignment.
Background of the Valuation Revision
The revision follows a representation submitted by PPMA on January 3, 2025, requesting an updated price schedule for plastic raw materials. The schedule covered various types of raw materials, including prime quality and recycled plastics, imported from multiple global sources.
Assessment Process & Market Analysis
Authorities retrieved and scrutinized 90 days’ worth of import data, revealing inconsistencies between declared values, assessed values, and global market prices. The valuation exercise, conducted under Section 25A of the Customs Act 1969, aimed to standardize customs values in line with international pricing trends.
To ensure transparency and accuracy, the customs department:
- Analyzed imported plastic raw material values from multiple sources.
- Compared local data with international publications (Platts, ICIS) to assess price fluctuations.
- Engaged with industry stakeholders to finalize fair valuation standards.
With these new customs values in place, the government aims to enhance regulatory compliance, minimize discrepancies in import declarations, and align Pakistan’s import pricing with global benchmarks.