KARACHI: The Directorate General of Customs Valuation has revised the Customs value of Polyolefin shrink film through Valuation Ruling No 1039/2017 under Section 25A of the Customs Act, 1969.According to details.
Earlier determined through Valuation Ruling No. 494/2012 dated, 26.11.2012. There were several representations from different importers/ traders for determination of customs value of the Polyolefin shrink film.
More over the importers have claimed that the prices of subject chemicals are showing down ward trend in the International market hence existing valuation ruling, which is over four years old is required to be revised in the light of honourable High Court of Sind, at Karachi’s orders dated 10.11.2015 in Constitutional Petition No D6918/2015. Since 90 days have passed and a number of representations received from commercial importers regarding values determined in afore mentioned valuation rulings, hence an exercise was initiated to re-determine the values of subject item.
Meeting with all the stakeholders including commercial importers was held on 08.11.2016, 23.11.2016 and 28.11.2016 to discuss the current international prices of the subject item. The commercial importers stated that the prices of subject items are showing down ward trend in the international markets. The view point of all participants was heard in detail and considered to arrive at Customs value of Polyolefin shrink film.
Valuation methods provided in Section 25 of the Customs Act, 1969 were duly applied in their regular sequential order to address the particular valuation issue at hand. The transaction value method as provided in Sub-Section (1) of Section 25, found inapplicable in I ight of the wide variety of invoices submitted at import stage the veracity of which could not he ascertained full. Hence requisite information required under law was not available to arrive at the correct transaction value.
