Monday , March 18 2019
Breaking News
Home / Karachi / DG Valuation revises customs valuation of polyester filament yarn vide VR No. 1355/2019
DG Valuation revises customs valuation of polyester filament yarn vide VR No. 1355/2019

DG Valuation revises customs valuation of polyester filament yarn vide VR No. 1355/2019

KARACHI: The Directorate General of Customs Valuation Director Shafiq Ahmad Latki has revised the customs value of  polyester filament yarn vide Valuation Ruling No 1355/2010 under Section 25-A of the Customs Act, 1969.

Earlier the customs values of polyester filament yarn were determined vide Valuation Ruling No. 1338/2018. There were several representations from different stakeholders, wherein they contended that customs values determined in the existing Valuation Ruling are not reflective of prices in international markets.

Keeping in view the prevailing prices in the international markets this Directorate General has initiated an exercise for determination of the customs values of polyester yarn filament in terms of Section 25-A of the Customs Act, 1969.

It is pertinent to mention here that the values of polyester filament yarn had been determined by this Directorate General taking into consideration the import clearance data of the two major constituent raw materials of subject goods i.e. PTA and MEG. The import clearance data for last three months were obtained by PRAL and data of locally manufactured PTA was obtained from the local manufacturers i.e. M/s Lotte Pakistan (Pvt) Ltd.

The importers were requested to bring websites, names and e-mail addresses of known foreign manufacturers of the item in question through which the actual current value can be ascertained

Copies of contracts made / LCs opened during the last three months showing the value of item in question. Copies of sales tax invoices issued during last four months showing the difference in price (excluding duty and taxes) to substantiate their contentions.