KARACHI: The Directorate General of Customs Valuation has revised the customs value of PVC Panaflex sheets through Valuation Ruling No 988/2016 under Section 25A of the Customs Act, 1969.
According to details, the customs values of PVC Panaflex sheets were earlier determined vide Valuation Ruling No.892/2016 on July 27, 2016. Representations were received from commercial importers for determination of the value of the sheets afresh.
Hence existing valuation ruling which is over four month old is required to be revised in the light of orders of the Sindh High Court issued on November 10, 2015 while hearing a constitutional petition. Since 90 days have passed and representations were received from commercial importers regarding values determined in aforementioned valuation ruling, an exercise was initiated to re-determine the values of the PVC Panaflex sheets.
A meeting of all the stakeholders, including importers and representatives from clearance Collectorates, was held on November 29, 2016 to discuss the current prices of the subject item in the international market. The commercial importers stated that the prices of the subject items are showing downward trends in the international market. The viewpoint of all the participants was heard in detail and considered to arrive at Customs values of PVC Panaflex sheets.
Valuation methods provided in Section 25 of the Customs Act, 1969 were duly applied in their regular sequential order to address the particular valuation issue at hand. The transaction value method as provided in Sub-Section (1) of Section 25, found inapplicable in light of the wide variety of invoices submitted at the import stage the veracity of which could not be ascertained fully. Hence, the requisite information required under law was not available to arrive at the correct transaction value.
