KARACHI: The Directorate General of the Customs Valuation has determined the customs values of UV/OP varnish and polyester polyamide wire enamel/varnish vide Valuation Ruling No.778/2015. The practice to determine the values of UV/OP varnish was done under Section 25(A) of the Customs Act, 1969 superseding the earlier Valuation Ruling No.454/2012.
According to details, the MCC Appraisement-East contested for determination of customs values as the Collectorate received complaint regarding misdeclaration and under invoicing in the import of Polyester Polyamide/Wire Enamel.
Therefore, Directorate General initiated an exercise for determination of customs value for UV/OP Varnish and Polyester Polyamide/wire enamels/varnish. Meetings with stakeholders were held, which were attended by different importers, who claimed during the meeting that their imports were against letter of credit/bank documents and that their declarations were correct. They, however, could not submit any corroboratory evidence/documents in support of their contention till date.
Henceforth, UV/OP Varnish to be imported form USA/UK/EU/Taiwan/Japan would be assessed to duty and taxes at $3.0/kg. While, Polyester Polyamide wire enamel/varnish from USA/UK/EU/Taiwan/Japan would be assessed to duty and taxes at the rate of $2.25/kg.
