KARACHI: The Directorate General of Customs Valuation has revised the customs value of polyester filament yarn through Valuation Ruling No 1049/2017 under Section 25-A of the Customs Act, 1969.\
According to details, it was observed from import data that international trading prices of polyester filament yarn were on the higher side as compared with the prices of old valuation ruling issued vide no. 928/2016 dated 19-09-2016. In this context, an exercise was initiated for fresh determination of value as per international market prices.
A meeting for the determination of customs values of polyester yarn was scheduled on 01-02-2017 and 10¬02-2017. All participants were requested to bring invoices of imports during last three months showing factual value.
Websites, names and E-mail addresses of known foreign manufacturers of the item in question through which the actual current value can be ascertained. Copies of contracts made / LCs opened during the last three months showing the value of item in question.
Copies of sales tax invoices issued during last four months showing the difference in price (excluding duty and taxes) to substantiate that the benefit of difference in price is passed on to the local buyers.
The meeting was attended by office bearers of Pakistan Yarn Merchants Association (PYMA), Karachi and Filament Yarn Merchants Association (FYMA), Karachi. Commercial importers as well as local manufactures were present and the issues pertaining to the valuation of subject goods were deliberated upon in details and the representatives of these Associations were confronted with the working /calculations done by the department.
The manufacturers stated that the conversion costs from raw material to subject goods may be re-determined upwards as with passage of time, the cost of manufacturing of subject goods has increased, however, the importers insisted that over time new technologies have actually reduced this conversion cost.
