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Customs Valuation revises values of following products under Valuation Ruling No: 1246/2017

Customs Valuation revises values of following products under Valuation Ruling No: 1246/2017

KARACHI: The Directorate General of Customs Valuation has revised the customs values of chemicals, glycerin, ammonium bi carbonate, butyl acrylate, chlorinated paraffin wax (Liquid) and calcium carbide Valuation Ruling No: 1246/2017 under Section 25A of the Customs Act-1969.

Earlier, the customs values of the subject chemicals were determined vide Valuation Ruling No: 1132/2017 dated 17.04.2017. There were several representations from commercial importers, local manufacturers and from Pakistan Chemicals and Dyes Merchants Association (PCDMA) wherein they contended that customs values determined in the existing valuation ruling are not reflective of prices in the international markets.

keeping the prevailing prices of subject goods in view, the Directorate General initiated an Nrcise for determination of the Customs Values of the subject Chemicals in terms of Section of the Customs Act-1969.

Meeting with stakeholders including importers, representatives from Pakistan Chemicals and Dyes Merchants Association (PCDMA) and representatives from field formations was held on 18.12.2017 to discuss the current international prices of the subject chemicals. All the stakeholders requested that the said valuation ruling may be reviewed in the light of prevailing international market prices.

Moreover, the importers stated that Customs Values determined in the existing valuation ruling are for imports in drum packing whereas in case the goods are imported in ISO tanks or bulk vessels they face difficulty for 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 several other valuation rulings. Local manufacturer M/s. Nimir Industrial Chemicals Ltd submitted ICIS Scan prices of glycerin showing upward trend. The view point of all participants was heard in detail and considered to arrive at customs values of the subject chemicals.