Directorate General Customs Valuation (DGCV) has revised the customs values of the polyester filament yarn. According to details, the customs values of the subject goods were earlier determined vide valuation ruling 1049 in 2017. Representatives from Filament Yarn Manufacture Association, Pakistan contended that due to the upward trend of value of basic raw materials, ie, pure terephthalic acid (PTA) and mono ethylene glycol (MEG) for polyester filament yarn, the customs values determined in the existing valuation ruling were not true reflective of prices in international markets.
Keeping the prevailing prices of the subject goods in view, the Directorate has initiated an exercise for determination of the customs values of the filament yarn in terms of section 25-A of the Customs Act, 1969. For the purpose, meetings were held with stakeholders for the determination of customs values of the polyester filament yarn in February 6 and March 14, 2018.
The meetings were attended by office-bearers of Filament Yarn Manufacturer Association (Pakistan), Pakistan Yarn Merchants Association (PYMA), Karachi, Filament Yarn Merchant Association (FYMA), Karachi and other importers. The issues pertaining to the valuation of subject goods were deliberated upon in details and the participants were confronted with the working done by the department.
Taking the values of polyester filament yarn was earlier determined by the Directorate into consideration, the import clearance data of two important constituent raw materials of subject good, ie, PTA and MEG for past three months obtained from PRAL. The PTA obtained from its local manufacturers to arrive at unified average value of PTA. The weighted average value of PTA and MEG so determined was run through the formula prescribed and circulated by the board vide C.No.3 (20)/TAR-l/90-Yarn, to arrive at final determined price of polyester filament yarn.
Since this formula has been prescribed by the board in consultation and consensus of all concerned stakeholders, therefore the same is applied to determine the customs values of polyester filament yarn by using fall back method under sub-section (9) of section 25 of the Customs Act, 1969.
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