KARACHI: The Directorate General of Customs Valuation has revised the customs values mixture of fatty acid through Valuation Ruling No: 1293/2018 under Section 25A of the Customs Act-1969.
Earlier, customs values of mixture of fatty acids were determined vide Valuation Ruling No. 628/13 dated 24-12-2013. There were several representations from the importers, Pakistan Edible Oil Refiners Association and Pakistan Soap Manufacturers Association, wherein they agitated against the said ruling on different grounds. The importers contented that customs values determined in the existing valuation ruling did not reflect the prices prevailing in the international markets.
Keeping in view the prevailing prices of the subject goods, Directorate General Customs Valuation initiated an exercise for determination of the customs values of mixture of fatty acid in terms of Section 25-A of the Customs Act, 1969.
Meetings with Stakeholders including importers, representatives from Pakistan Soap Manufacturers Association representatives from field formations were held on 10.04.2018 and 19.04.2018, to discuss the t international prices of the subject goods.
The Pakistan Soap Manufacturers Association med that the values of Mixture of Fatty Acid needed to be revised in accordance with the ce prevailing in the international markets. This position was verified from the import data, which also reflected inconsistent behavior of declaration of unit values. It was also contended by the stakeholders that there is wide variation in the assessed value of the subject item hence require valuation ruling under Section 25A of the Customs Act, 1969 for uniform application throughout the country.
The Pakistan Soap Manufacturers Association pointed out that reputed importers declare the actual prices but some unscrupulous elements resort to mis-declaration and under-invoicing. After detailed deliberations, all the participants agreed that values of mixture of fatty acid needs to be revised upwards and representatives of the importers and associations also submitted their recommendations. The view point of all participants was heard in detail and considered to arrive at customs values of the subject goods.
