AIRLINK 191.54 Decreased By ▼ -21.28 (-10%)
BOP 10.23 Decreased By ▼ -0.02 (-0.2%)
CNERGY 6.69 Decreased By ▼ -0.31 (-4.43%)
FCCL 33.02 Decreased By ▼ -0.45 (-1.34%)
FFL 16.60 Decreased By ▼ -1.04 (-5.9%)
FLYNG 22.45 Increased By ▲ 0.63 (2.89%)
HUBC 126.60 Decreased By ▼ -2.51 (-1.94%)
HUMNL 13.83 Decreased By ▼ -0.03 (-0.22%)
KEL 4.79 Decreased By ▼ -0.07 (-1.44%)
KOSM 6.35 Decreased By ▼ -0.58 (-8.37%)
MLCF 42.10 Decreased By ▼ -1.53 (-3.51%)
OGDC 213.01 Increased By ▲ 0.06 (0.03%)
PACE 7.05 Decreased By ▼ -0.17 (-2.35%)
PAEL 40.30 Decreased By ▼ -0.87 (-2.11%)
PIAHCLA 16.85 Increased By ▲ 0.02 (0.12%)
PIBTL 8.25 Decreased By ▼ -0.38 (-4.4%)
POWER 8.85 Increased By ▲ 0.04 (0.45%)
PPL 182.89 Decreased By ▼ -0.14 (-0.08%)
PRL 38.10 Decreased By ▼ -1.53 (-3.86%)
PTC 23.90 Decreased By ▼ -0.83 (-3.36%)
SEARL 93.50 Decreased By ▼ -4.51 (-4.6%)
SILK 1.00 Decreased By ▼ -0.01 (-0.99%)
SSGC 39.85 Decreased By ▼ -1.88 (-4.51%)
SYM 18.44 Decreased By ▼ -0.42 (-2.23%)
TELE 8.66 Decreased By ▼ -0.34 (-3.78%)
TPLP 12.05 Decreased By ▼ -0.35 (-2.82%)
TRG 64.50 Decreased By ▼ -1.18 (-1.8%)
WAVESAPP 10.50 Decreased By ▼ -0.48 (-4.37%)
WTL 1.78 Decreased By ▼ -0.01 (-0.56%)
YOUW 3.96 Decreased By ▼ -0.07 (-1.74%)
BR100 11,697 Decreased By -168.8 (-1.42%)
BR30 35,252 Decreased By -445.3 (-1.25%)
KSE100 112,638 Decreased By -1510.2 (-1.32%)
KSE30 35,458 Decreased By -494 (-1.37%)

Directorate General Customs Valuation (DGCV) has revised the customs value of different chemicals under section 25(7) of the Customs Act, 1969.
According to details, the customs values of the subject chemicals were earlier determined vide valuation ruling 1023 in 2017.
There were several representations from importers and Pakistan Chemicals and Dyes Merchants Association (PCDMA) wherein they contended that customs values determined in the existing valuation ruling were not 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 subject chemicals in terms of section 25-A of the Customs Act. 1969.
For the purpose, the meeting was convened with stakeholders where they requested to review the said valuation ruling in the light of prevailing international market prices.
Moreover, the importers stated that customs values determined in the existing valuation ruling were for imports in drum packing whereas in case the goods were imported in bulk vessels/ISO tanks, they faced difficulty during assessment.
Therefore, they requested that margin of quantity and freight element may be allowed for imports in ISO tanks or bulk vessels, as has been allowed in other valuation rulings.
The PCDMA contended that their proposition of values for different types of chemicals accurately reflects international values and they took full responsibility for any variation.
As and when there are significant variations, they would themselves approach customs authorities for re-determination of customs values. Market surveys as enumerated below, gave results very akin to the propositions of the PCDMA. The viewpoint of all participants was heard in detail and considered to arrive at customs values of the subject chemicals.
The valuation methods provided in section 25 of the Customs Act, 1969 were duly applied in their regular sequential order to arrive at customs values of subject goods. The transaction value method provided in sub-section (1) of section 25, was found inapplicable because there was wide differences in the declarations. Identical goods value method provided in sub-sections (5) & (6) of section 25 ibid were examined for applicability to the valuation issue in the instant case which provided some reference values of the subject goods, but the same could not be exclusively relied on due to the absence of absolute demonstrable evidence of qualities, and quantities of commercial level etc.
In line with the statutory sequential order of section 25, the Directorate has then conducted market inquiries using deductive value method under sub-section (7) of the section 25 of the Customs Act, 1969 and customs values of ethyl acetate, methyl acetate and sec. butyl acetate were determined under section 25(7) of the Customs Act, 1969.

Copyright Business Recorder, 2018

Comments

Comments are closed.