KARACHI: The Directorate General of Customs Valuation has revised the Customs value of Ciprofloxacin Base and Ciprofloxacin HCL through Valuation Ruling No 1038/2017 under Section 25A of the Customs Act, 1969.According to details,
The values of Ciprofloxacin Base and Ciprofloxacin HCL for reference/guidance were earlier issued vide VDB No. 66/2016 dated 21-10-2016. However several representations were received from importers of pharmaceutical raw materials for determination of customs value of Ciprofloxacin Base and Ciprofloxacin HCL afresh considering the current international prices.
Meeting with all stakeholders including importers of pharmaceutical raw materials and representatives from clearance Collectorates, was held on 02.02.2017 to discuss the current international prices of the subject item. The commercial importers stated that the prices of subject item 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 values of Ciprofloxacin Base and Ciprofloxacin HCL.
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 of invoices submitted at import stage the veracity of which could not be ascertained fully, hence requisite information required under law was not available to arrive at the correct transaction value. Identical / similar goods value method provided vide Sub-Sections (5) & (6) of Section 25 ibid were examined for applicability to determine Customs value of subject goods, this data provided some references, however-, it was found that the same cannot be solely relied upon due to the absence of absolute demonstrable evidence of qualities, and quantities of commercial level etc. In line with the statutory sequential order of Section 25, this office then conducted a market inquiry using Deductive Value Method under Sub-Section (7) of the Section 25 of the Customs Act, 1969, however, it was found that being industrial material (pharmaceutical Industry raw material) it is not available to all for retail sale.
