KARACHI: Director General Customs Valuation Syed Tanveer Ahmed has upheld the customs values of PVC panaflex/banner sheet nide Valuation Ruling No. 892/2016 and rejected the revision petition filed by M/s Astrontech Inc and others.
Importers submitted the valuation ruling No.892/2016 was issued without reasoning and cannot be sustained, hence the same is liable to be set aside. While passing the impugned valuation ruling, department did not consider the material submitted at the time of hearing and issued the valuation ruling No.892/16, neither department show method of its preparation nor it find mention of unit price or its retail price in market.
The importers submitted that PVC Panaflex/banner sheet is a combination of two items i.e. PVC and Polyester Yarn. PVC is a byproduct of Oil and according to the customs own weekly basis data, the prices of base oil including its byproducts (PVC) are declining. This fact is in common knowledge of every person. Whereas the price of Polyester Yams is concerned, the Customs Department has already reduced the value due to decrease in international market. Therefore, the value for the purpose of duty on import of PVC determined by the respondent is not based on the current international standard and hence the same is liable to be reviewed. Importers through their counsel mentioned that due to drastic reduction in oil prices the byproduct/raw materials produce from oil are decreasing in international market. Therefore, the impugned valuation ruling is liable to be set aside and needs to be revised as per latest international market prices.
