LAHORE: Directorate-General Customs Valuation has made 35 percent increase in customs values on the import of Sodium Hydroxide (Caustic Soda) from Saudi Arabia, Kuwait, and Middle East origins, Taiwan, Korea, China and Europe.
In this connection, the directorate has issued a valuation ruling here on January 4, 2023.
According to the ruling, the customs values of Sodium Hydroxide (Caustic Soda) were determined under Section 25A of the Customs Act, 1969 vide Valuation Ruling No.1052/2017. However, due to fluctuation of prices in international market, an exercise has been undertaken by this Directorate to re-determine Customs values afresh in line with values prevalent in the international market.
In this regard, 90 days’ clearance data has been retrieved and the same has been scrutinized. Subsequently, prices retrieved from the international publication, namely PLAITS, showing price trend of the subject goods in the international market, have been examined.
In cases, where declared values are higher than the above-stated Customs values, the assessing officers shall apply those values in terms of sub-section (1) of Section 25 of the Customs Act, 1969. In case of consignments imported by air, the assessing officers shall take into account the difference between air freight and sea freight while applying the Customs values in this Publication Value.
