KARACHI: The Directorate General of Customs Valuation has revised the customs value of eitiylacltaie, methyl acetate through Valuation Ruling No 1023/2017 under Section 25A of the Customs Act, 1969.According to details,
The values of the ethyl acetate were earlier determined vide Valuation Ruling No 646/2014 dated 21.3.2014. There were several representations from different importers/ traders and trade bodies i.e. Pakistan Chemicals and Dyes Merchants Association (PCDMA), for determination of customs value of the methyl Acetate and Sec Butyl Acetate as well.
Hence, existing valuation ruling which is over one year and ten month 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. D- 6918/2015. Since 90 days have passed and representations were received from commercial importers regarding values determined in afore mentioned valuation ruling, an exercise was initiated to re-determine the values of Ethyl Acetate, methyl Acetate and Sec Butyl Acetate in the light of international price trend, in terms of Section 25-A of the Customs Act, 1969.
Meeting with all the stakeholders including importers, trade bodies i.e. Pakistan Chemicals and Dyes Merchants Association (PCDMA) and representatives from clearance Collectorates, was held on 19.01.2017 to discuss the current international prices of Ethyl Acetate, methyl Acetate and Sec Butyl—-Acetate. The view point of all participants was heard in detail and considered to arrive at .Customs value for Ethyl Acetate, methyl Acetate and Sec Butyl Acetate.
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.
