KARACHI: The Directorate General of Customs Valuation has revised the customs values of nylon yarn vide Valuation Ruling No: 1270/2018 under Section 25-A of the Customs Act-1969.
According to the details, there was a representation from Pakistan Yarn Manufacture Association (Pakistan), wherein they contended that value of subject item needs to be aligned with international values.
They requested to determine the applicable custom values in accordance with the trend of values in the international market. Keeping in view the prevailing prices of the subject goods, the Directorate General initiated an exercise for determination of the customs values of the nylon yarn in terms of Section 25-A of the Customs Act, 1969.
Meeting for the determination of customs values of the Nylon yarn was scheduled on 15.03.2018. The stake holders were requested to provide invoices of imports during last three months. Websites, names and E-mail addresses of known foreign suppliers of the item in question
Copies of contracts made/ LCs opened during the last three months through which the actual current value can be ascertained. The meeting was attended by office bearers of Pakistan Yarn Merchants Association (PYMA), Karachi.
The view point of the participants was heard in detail and considered to arrive at custom values of the subject good. The PYMA contended that their proposition of values of different types of Nylon Yarns accurately reflects international values. As and when, there are significant variations; they would themselves approach custom authorities for re-determination of custom values.
