KARACHI: Directorate General Customs Valuation (DGCV) has revised the customs values of Polyester Filament Yarn under sub-section (8) and section 25 (9) of section 25 of the Customs Act, 1969.

The customs values of Polyester Filament Yarns were earlier determined under section 25A of the Customs Act, 1969 vide Valuation Ruling No.1655 in May 2022.

However, the Directorate has received requests from manufacturers and various importers and associations for its revision as the values of subject goods had shown varying trends in the international market and the customs values were not reflective of prevailing prices in the international market. Therefore, the Directorate has initiated an exercise to determine the customs value of the subject goods as per the international trend.

The members of the Pakistan Yarn Merchant Association (PYMA) said that the values declared by them, along with those provided to the valuation department through contracts / invoices finalized by them with their suppliers should be accepted.

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In this regard, data of the clearances for the recent period was scrutinized which, however, reflected that in most cases the importers have been declaring the values as per the valuation ruling No 1655. This gives evidence that the importers accepted the assessable / customs values contained in the afore-referred ruling. Therefore, the values given in their contracts/invoices are not actual values and cannot be accepted as transaction values under Section 25 (1) of the Customs Act, 1969. Later, on the basis of available information, the values of Polyester Filament Yarn have been determined under sub-Section (8), read with Section 25 (9) of Section 25 of the Customs Act, 1969.

Copyright Business Recorder, 2022