KARACHI: The Directorate General of Customs Valuation has revised the customs value of palm acid oil vide Valuation Ruling No 1347/2018 under Section 25-A of the Customs Act, 1969.
Earlier the customs values of palm acid oil were determined vide Valuation Ruling No. 1290/2018 dated 20-04-2018. There were several representations from Pakistan Soap Manufacturers Association and the importers, wherein they contended that customs values determined in the existing Valuation Ruling are not reflective of prices in international markets, therefore required to be revised in line with the prevailing prices in the international market. Keeping in view the prevailing prices of the subject goods, this Directorate General initiated an exercise for re-determination of the Customs Values of the subject goods in terms of Section 25-A of the Customs Act, 1969.
Several meetings with the stakeholders including importers and representatives from Pakistan Soap Manufacturers and field formations were held in this Directorate General, to discuss the current international prices of the subject goods. The importers contended that there is a consistent decline prices of palm acid oil in the international market, hence requested that the existing
The Pakistan Soap Manufacturers further stated that importers are facing problems in the clearance of the subject goods as world market prices of PFAD, PAO and MoFA are showing a downward trend since last three months. Pakistan Soap Manufacturers Association representing the main importers contended that their proposition of values of palm acid oil truly reflects international values and they take responsibility for any deviation.
As and when there are significant variations, they would themselves approach customs authorities for re-determination of customs values. They also submitted the copies of their recent contracts and bank documents to support their contention. Prices were further verified from the prices published in the Malaysian palm oil board. The view point of all participants was heard in detail and considered to arrive at Customs values of the subject goods.
