KARACHI: The Directorate General of Customs Valuation has revised the customs values of methanol through Valuation Ruling No 1157/2017 under Section 25A of the Customs Act, 1969.
The item methanol is selected to determine the customs values under Section 25A of the Customs Act 1969 due to wide variation in declared and assessed values. The Customs values are determined for uniform application across the board.
A meeting with the stakeholders, including importers and Pakistan Chemicals and Dyes Merchants Association (PCDMA) and representatives from clearance Collectorates, was held on 06.04.2017 to discuss the current international prices of the subject chemical. The stakeholders contended that the prices of methanol fluctuate regularly in the international market and that fluctuation can be monitored through prices quoted in ICIS Scan internationally.
They requested that as the prices of Methanol are available in ICIS Scan, therefore same may be linked with the ICIS scan prices for fair treatment to the trade in accordance with international market prices, as is being done in case of plastic raw material on plastic Scan prices, iron and steel products on London Metal Bulletin prices and so many other items on the prices quoted in reputed international bulletins.
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, hence requisite information required under law was not available to arrive at the correct transaction value.
