KARACHI: Directorate-General Customs Valuation Director Shafiq Ahmad Latki revised customs values of polyester spun yarn, viscose spun yarn, acrylic spun yarn and blends under Section 25-A of the Customs Act, 1069.
Earlier, customs values of polyester spun yarn, viscose spun yarn, acrylic spun yarn and blends thereof were determined vide Valuation Ruling No. 1276 dated 28.3.2018. There was a representation from Pakistan Yarn Manufacture Association (Pakistan), wherein they contended that value of subject item needs to be aligned with international values. Meeting with stakeholders held with representatives of M/s All Pakistan Textile Mills Association (APTMA) and M/s Yarn Merchants Association (PYMA) both participated in the subject meeting.
Representatives of both associations acknowledged downward price trend of raw materials in the international markets. Two months import data from WeBOC is taken and data of identical goods is taken from CCFEI (China Chemical & Fiber Economic Information Network-CCFEI website. CCFEI data being unbiased and neutral cannot be influenced by any of the stakeholders and to take weighted averages of two months (i.e. total value divided by total quantity, without any outliers).
Valuation methods provided in Section 25 of the Customs Act, 1969, were duly applied in their regular sequential order to arrive at customs values of subject goods. The transaction value method as provided in Sub-Section (I) of Section 25 of the Customs Act, 1969, was found inapplicable because requisite information was not available as per law.
This valuation ruling is appealable under the law and a revision petition may be filed against this ruling under section-25-D of the Customs Act, 1969 within 30 days of issue of this ruling before DG Customs Valuation Customs House Karachi.
