KARACHI: Directorate-General Customs Valuation Director Shafiq Ahmad Latki has determined customs values of Formic Acid vide Valuation Ruling No. 1474/2020 under section 25-A of the Customs Act, 1969.
Earlier, the customs values of Formic Acid were determined under Section 25-A of the Customs Act, 1969 vide Valuation Ruling No. 1367. Representations were received from Karachi Chamber of Commerce & Industry and other stakeholders stating that the international prices of Formic Acid have been decreased substantially. Moreover, it was contended that the item is industrial raw material and largely use in goods meant for export like leather, textile etc and the values should be brought in line with international trends.
