KARACHI: The Directorate General of Customs Valuation revised the customs values of chemicals, boric acid, aluminum oxide, chromic acid, barium chloride, sodium meta bi-sulphite, sodium xexameta phosphate, borax deca-hydrate, chloroform, sodium acid pyrophosphate, di-pentene, stearic acid, mono & di ethylene glycol and perchloro ethylene through Valuation Ruling No: 1311/ 2018 under Section 25-A of the Customs Act-1969.
Earlier, the customs values of the subject chemicals were determined vide Valuation Ruling No. 1040/2017 dated 13.02.2017 d 26.04.2017.
There were several representations from importers and from Pakistan Chemicals and Dyes Merchants Association (PCDMA) during the stakeholders meetings. They contended that customs values determined in the existing valuation ruling are not reflective of prices in international markets.
They requested to determine the customs values afresh especially the values of boric acid and borax deca-hydrate, in accordance with the trend of values in the internationals markets.
During the meetings, representative of PCDMA also submitted proposals regarding values of these chemicals. Importers, present during the meeting, mostly agreed with the values proposed by PCDMA.
Keeping in view the prevailing prices of the subject goods, the Directorate General initiated an exercise for determination of the customs values of the subject Chemicals in terms of Section 25-A of the Customs Act, 1969.
Meetings with stakeholders including importers, representatives from PCDMA and representatives from field formations were held on 12.4.2018 and 11.7.2018, to discuss the current international prices of the subject chemicals.