KARACHI: The Directorate General of Customs Valuation has revised the customs values of vinyl acetate monomer, oxalic acid and potassium chlorate vide Valuation Ruling No 1159/2017 under Section 25-A of the Customs Act, 1969.
According to details, the customs values of vinyl acetate monomer, oxalic acid and potassium chlorate were earlier determined vide VDB No.67/2016 dated, 21-10-2016, No.131/2016 dated, 20-12-2016 and No.65/2016 dated, 21-10-2016 respectively.
Representations were received from commercial importers and Pakistan Chemical and Dyes Merchant Association (PCDMA) that the value of the subject chemicals are showing downward trend therefore they requested for determination of customs value of Vinyl Acetate Monomer, Oxalic Acid and Potassium Chlorate, afresh.
Meeting with all the stakeholders including importers, Pakistan Chemical and Dyes Merchant Association (PCDMA) and representatives from clearance Collectorates, was held on 02-03-2017 & 09-03-2017, to discuss the current international prices of the subject items. The commercial importers stated that the prices of subject items are showing down ward trend in the international markets which was duly supported by the (PCDMA). The view point of all participants was heard in detail and considered to arrive at Customs value of Vinyl Acetate Monomer, Oxalic Acid and Potassium Chlorate.
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.
