KARACHI: The Directorate General of Customs Valuation has revised the Customs value of chemicals, Boric acid, Aluminium Oxide, Chromic Acid, Barium Chloride, Sodium Meta Bi Sulphite, Sodium Hexa Meta Phosphate, Borax Decahydrate, Brown Aluminium Oxide, Sodium Acid Pyrophosphate, Dependence, Chloroform, Stearic Acid (single & triple pressed), Mono & Di Ethylene Glycol and Perchloro Ethylene through Valuation Ruling No 1040/2017 under Section 25A of the Customs Act, 1969.
The Custom values of’ the subject Chemicals were earlier determined vide Valuation Ruling No 938/2016 dated 26.9.2016. There were several representations from different traders and trade bodies i.e. Pakistan Chemicals and Dyes Merchants Association (PCDMA), for determination of customs value of the chemicals a fresh. 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 months old is required to be revised in the light of honorable High Court of Sind, at Karachi’s orders dated 10.11.2015 in Constitutional Petition No. D- 6918/2015. Since 90 days have passed and a number of representations were received from commercial importers and Pakistan Chemicals and Dyes Merchants Association regarding values determined in the valuation ruling dated 26.9.2016, hence an exercise was initiated to re-determine the values of subject items.
Meeting with all the stakeholders including importers, trade bodies i.e. Pakistan Chemicals and Dyes Merchants Association (PCDMA) and representatives from clearance Col lectorates. was held on 07.02.2017 to discuss the current international prices of the subject chemicals. The view point of all participants was heard in detail and considered to arrive at Customs value for subject Chemicals.
Method adopted to determine Customs values: 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 light of the wide variety