The Directorate-General of Customs Valuation, Karachi, has fixed new customs value of Propylene Glycol, imported from USA, Germany, Korea, China and South Africa. Sources told Business Recorder on Tuesday that the directorate has issued a valuation ruling and fixed customs values of Propylene Glycol (chemical) for accurate assessment of duties and taxes. The determined value of this item ranges between $1.45 per kg and $1.63 per kg, depending on the country of import.
According to the valuation ruling, previous ruling determining the values of Propylene Glycol under Section 25A of the Customs Act, 1969 was issued in 2007. Since the said ruling is more than two years old and during this period international market price trend has changed, therefore, need was felt for revision of earlier notified values.
All stakeholders, including representatives of Federation of Chamber of Commerce and Industry (FPCCI), Karachi Chamber of Commerce and Industry (KCCI), etc, were invited to attend meetings. The representatives of Pakistan Chemicals and Dyes Merchants Association (PCDMA), Karachi, attended the meeting and agreed to provide their input on the issue.
The PCDMA provided their proposal values/guidelines for determination of the value. In the light of data available on the record and values/guidelines provided by PCDMA, the prices have been determined under "Fall Back Method" as envisaged under Section 25(9) of the Customs Act, 1969. The revised values are hereby, determined under Section 25A of the Customs Act, 1969. All Customs Clearance Collectorates have been advised to finalise assessment on the specified customs values. If the invoice value is higher then such higher value shall be adopted for assessment purpose, DG Valuation Karachi added.