KARACHI: The Directorate General of Customs Valuation issued the reference values for adipic acid and industrial nitrocellulose binder cellulose.
According to details, the Directorate General is populating Valuation Database Values for different items wherein it has been observed that declarations are of wide range and do not correctly reflect values of the items as traded in the international market.
During the scrutiny of previous clearance data, it was observed that adipic acid falling under PCT heading 2917.1200 are being assessed at different values and certain transactions are on very low side.
The Directorate General, after carefully examining the clearance data, also conducted market inquiries to verify the authenticity of declarations. Online prices were also obtained to corroborate the findings of the market surveys. Therefore the VDB values of Adipic Acid are as adipic acid China origin US$1.06 per kilogram.
Meanwhile, the directorate general issued another Valuation Database for industrial nitrocellulose binder cellulose.
The VDB values of Industrial Nitrocellulose Binder Cellulose are as industrial nitrocellulose binder cellulose all origins US$2.80 per kilogram.
Valuation Database values must serve as a risk assessment tool which may be used along with other risk tools to assess potential risk regarding the truth or accuracy of the declared Customs value for imported goods. The database values can also be used as a means of performing cross-checks in order to target those importations which are likely to contain a potential risk and, from that starting point, select the import declarations for further examination and assessment.
