KARACHI: Customs Valuation Director Wasif Memon following the concerns of traders has revised the values of various chemicals vide Valuation Ruling No.937/2016 under Section 25 of the Customs Act, 1969.
Earlier, the department had determined the customs values of chemicals including glycerin, ammonium bi carbonate, butyl acrylate, liquid chloro parraffin/chlorinated paraffin and calcium carbide vide Valuation Ruling No. 798/2016.
There were several representations from different importers/traders and trade bodies i.e. Pakistan Chemicals and Dyes Merchants Association (PCDMA), for determination of customs values of the chemicals.
Moreover, importers claimed that prices of chemicals were declining in the international market.
As the importers have demanded revised values of the said items according to the international market where the prices observed decline, the Customs Valuation initiated an exercise to determine the customs values of subject chemicals.
