KARACHI: Directorate General of Customs Valuation has revised the customs value of polyster spun yarn, viscose spun yarn and their blends vide Valuation Ruling number 983/2016 determined under Section 25A of the Customs Act, 1969.
According to details, chairman All Pakistan Textile Mills Association (APTMA) on 13th June and 11th July 2016 wrote to Director General Customs Valuation, stating that subject yarn items are being rampantly under-invoiced and consequently, financially damaging local manufacturers directly.
In this context, APTMA requested the Directorate General of Customs Valuation Karachi to determine customs values of subject items as per prevailing international prices. All-Pakistan Textile Mills Association (APTMA) vide letter No. PO/chair-38/2016/0462 dated 25th of July 2016 also lodged a complaint regarding the aspect of under-invoicing in import of Polyester and Viscose Spun yarn (HS-Code 5509.5100) before Chairman Federal Board of Revenue, Islamabad.
This prompted the initiation of a detailed exercise for determination of value of said items under section 25A of the Customs Act, 1969.
The Director Valuation took up this matter and wrote to the President KCCI, APTMA and PYMA on lith August 2016; inviting stakeholders to provide input on valuation of subject goods. After analyzing available information/ data, the Director, Directorate General on 25th August 2016 held first meeting in this context. initial deliberations took place and it was decided that both APTMA and PYMA shall submit agreed formulas / proposals to derive at subject values, the same were to be securitized by this Directorate. Thereafter, every single aspect of the polyester / viscose chain were thrashed out starting from raw-material prices up to the subject end products. Representatives of Pakistan Yarn Merchant Association (PYMA) and representatives of All Pakistan Textile Mills Association (APTMA) and their technical teams duly assisted the Directorate General and put forth in detail, their respective points of view regarding the conversion costs and the import value of subject items.
