KARACHI: The Directorate General of Customs Valuation has revised the customs value of textile lining material fabric and textile invisible coated lining material fabric through Valuation Ruling No 1123/2017 under Section 25-A of the Customs Act, 1969.
According to the details, the previous Customs values of textile lining material were determined and notified vide Valuation Ruling No.630 / 2013 dated 27-12¬2013 which was more than three years old therefore, an exercise was undertaken by this Directorate General to revise the same according to trends prevailing in the current international market. Meetings were scheduled on 10-01-2017, 16-02-2017 and 11-04-2017.
All the participants were requested to submit invoices of imports during last three months showing factual value.
Websites, names and e-mail addresses of known foreign manufacturers of the item in question through which the actual current value can be ascertained.
Copies of contracts made / LCs opened during the last three months showing the value of item in question.
Copies of sales tax Invoices issued during last four months showing the difference in price (excluding duty and taxes) to substantiate that the benefit of difference in price is passed on to the local buyers.
The requisite documents were not submitted by any stakeholders, however importers, and representative of trade organization attended the meeting and put forth their point of view that internationally the prices of subject item varies due to different kind and different thicknesses as per sample forwarded by them. Moreover, the untwisted yarn which is the raw material of the subject item has declined significantly. The main stress of the importers was that textile invisible coated fabric which is similar item is being assessed and Released at lower rate ranging from $ U.S 2.30 to 2.65 which has created un-stability in the fecal market.
