KARACHI: The Directorate General of Customs Valuation has revised the customs values of polyester spun yarn, viscose spun yarn, acrylic spun yarn and blends through Valuation Ruling No: 1276/2018 under Section 25A of the Customs Act-1969.
Earlier the Customs values of polyester spun yarn, viscose spun yarn, acrylic spun yarn and blends thereof were determined vide Valuation Rulin2 No.1161 on May 12, 2017.
All Pakistan Textile Mills Association requested to revise the Valuation Ruling No.1161 dated 12.05.2017 thereof as the prices of raw material i.e. polyester staple fiber, viscose staple fiber and acrylic staple fiber has gone up in the international markets.
Perusal of clearance data of import of subject items also reflected toword trend of prices. Since the existing valuation ruling is value based and the formulae have been determined with the participation of stakeholders and try experts, therefore, fresh values as per the formulae were obtained for calculation and mined of values of subject goods.
Meetings with stakeholders were held on 22.02.2018 and 27.03.2018. Representatives of M/s All Pakistan Textile Mills Association (APTMA) and M/s Pakistan Yarn Merchants Association (PYMA) participated in the subject meetings. Representative of both associations up-word price trend id raw materials in the international markets.
