KARACHI: The Directorate General of Customs Valuation has revised the customs values of glacerin ammonium bi carbonate, butyl acrylate, chlorinated paraffin wax (liquid) and calcium carbide through Valuation Ruling No: 1312/2018 under Section 25A of the Customs Act-1969.
Earlier, the customs values of the subject chemicals were determined vide Valuation Ruling No. 1246 / 2018 dated 17.01.2018.
There were several representations from importers, industrial consumers and from Pakistan Chemicals and Dyes Merchants Association (PCDMA) in the stakeholders meeting, where they contended that customs values determined in the existing valuation ruling are not elective of prices in international markets.
They further stated that customs values determined in the existing valuation ruling are for imports in drum packing. The chemical namely butyl acrylate, besides drum packing is also imported in ISO tanks or bulk vessels.
They face difficulty for assessment in such cases and requested to notify the customs value for imports in ISO tanks or bulk vessels as well. Keeping in view the prevailing prices of the subject goods, the 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.
Meetings with stakeholders including importers, representatives from PCDMA and representatives from field formations were held on 16.04.2018 and 12.07.2018 to discuss the current international prices of the subject chemicals.
The stakeholders requested that the said valuation ruling may be reviewed in the light of prevailing international market prices. During the meeting, representative of PCDMA also submitted the proposal regarding values of these chemicals.
