KARACHI: The Directorate General of Customs Valuation has revised the customs values of chemicals iso-prosvl alcohol, n-propanol, cvclohexanone, ethoxylated nonyl phenol, iso-butanol, n-butanol and phenol by issuing Valuation Ruling No 1156/2017 under Section 25A of the Customs Act, 1969.
The custom values of the subject chemicals were determined vide Valuation Ruling No 920/2016 dated 29.8.2016. Since Customs values of items from 1 to 7 of the Valuation Ruling No 920/2016 dated 29.8.2016 was linked with applicable average ICIS Scan, therefore, there were several representations from importers, clearance collectorate and Pakistan Chemicals and Dyes Merchants Association (PCDMA). As ICIS Scan was not available to all, therefore, the stakeholders requested the authorities to re-consider the linking of customs values of the aforesaid items.
They requested that it will be appropriate to determine the applicable customs values afresh. Moreover, the importers requested the authorities to revise the prices of the subject chemicals in accordance with the prices in the international market. Since the existing valuation ruling was over eight months old, hence it was required to be revised in the light of Sindh High Court’s orders dated 10.11.2015 in Constitutional Petition No. D- 6918/2015.
An exercise was therefore undertaken to re-determine the customs values of the subject chemicals in terms of Section 25-A of the Customs Act, 1969.
Meeting with stakeholders i.e. importers, Pakistan Chemicals and Dyes Merchants Association (PCDMA) and representatives from clearance Collectorates, was held on 12.04.2017 and 08.05.2017, to discuss the current international prices of the subject chemicals. The commercial importers stated that the prices of subject items are required to be de-linked from the ICIS Scan which as duly supported by the (PCDMA).
