KARACHI: The Directorate General of Customs Valuation has revised the customs values of chemicals, ethyl, mythel, acetate and section butyle acetate vide Valuation Ruling No: 1272/2018 under Section 25-A of the Customs Act-1969.
Earlier, the customs values of the subject chemicals were determined vide Valuation Ruling No.1023/2017 on January 30, 2017. There were several representations from importers and Pakistan Chemicals and Dyes Merchants Association (PCDMA) wherein they contended that the customs values determined in the existing valuation ruling are not reflective of the prices in international markets.
Keeping in view the prevailing prices of the subject goods, this Directorate General initiated an exercise for determination of the customs values of the subject chemicals in terms of Section 25-A of the Customs Act, 1969.
A meeting of the importers, representatives from PCDMA and representatives from field formations was held on March 13, 2017, to discuss international prices of the subject chemicals. All the stakeholders requested that the said valuation ruling might be reviewed in the light of the prevailing international market prices.
Moreover, the importers stated that customs values determined in the existing valuation ruling were for imports in drum packing whereas in case the goods were imported in bulk vessels/ISO tanks they faced difficulty during assessment. Therefore, they requested that margin of quantity and freight element may be allowed for imports in ISO tanks or bulk vessels, as has been allowed in other valuation rulings.
The PCDMA contended that their proposition of values for different types of chemicals accurately reflects international values and they take full responsibility for any variation. As and when there are significant variations, they would themselves approach customs authorities for redetermination of customs values.
Market surveys as enumerated below, gave results very akin to the propositions of the PCDMA. The view point of all participants was heard in detail and considered to arrive at Customs values of the shies chemicals.
