KARACHI: The Directorate General of Customs Valuation revised the customs value of caustic soda flakes through Valuation Ruling No 1052/2017 under Section 25A of the Customs Act, 1969.
According to details, the custom values of the caustic soda flakes were earlier determined vide Valuation Ruling No 852/2016 dated 16.05.2016. There were several representations from different traders and trade bodies i.e. Pakistan Chemicals and Dyes Merchants Association (PCDMA) and Caustic Soda Manufacturers Association (CSMA), for determination of customs value of the Caustic Soda flakes a fresh.
The local manufacturers have claimed that the prices of caustic soda flakes are showing upward ward trend in the International market hence existing valuation ruling, which is over nine months old is required to be revised in the light of the Sindh High Court’s orders dated 10.11.2015 in Constitutional Petition No. D- 6918/2015.
Since 90 days have passed and a number of representations were received from Caustic Soda Manufacturers Association regarding values determined in the valuation ruling dated 16.05.2016, hence an exercise was initiated to re-determine the values of caustic soda flakes.
Sources said that meetings with all the stakeholders including commercial importers, Pakistan Chemicals and Dyes Merchants Association (PCDMA), Caustic Soda Manufacturers Association (CSMA). M/s Sitara Chemicals (local Manufacturer) and representatives from clearance Collectorate, were held on 07.02.2017 and 16.02.2017 to discuss the current international prices of Caustic Soda flakes.
The view point of all participants was heard in detail and considered to arrive at Customs value for Caustic Soda flakes.
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 import stage the veracity of which could not be ascertained fully.
