KARACHI: The Directorate General of Customs Valuation has issued Valuation Ruling No.673/2014 in which it re-determined the customs values of Polyester Yarns under Section 25-A of the Customs Act, 1969.
Earlier, Valuation Ruling No.461/2012, dated 05-07-2012 was issued in line with international price trend. The importers have been contesting that yarn value in international market especially China has significantly decreased whereas clearance formations are assessing imported Polyester Yarns of different deniers under Valuation Ruling No.461/2012, dated 05-07-2012 which is much higher than existing international prices. This prompted an exercise to re-determine the customs values of polyester yarn.
