Quantcast
Wednesday , December 13 2017
Breaking News
Home / Karachi / DG Valuation revises customs values of master batches vide VR No. 1212/2017
DG Valuation revises customs values of master batches vide VR No. 1212/2017

DG Valuation revises customs values of master batches vide VR No. 1212/2017

KARACHI: The Directorate General of Customs Valuation has revised the customs value of master batches through Valuation Ruling No 1212/2017 under Section 25-A of the Customs Act, 1969.

Customs values of master batches were earlier determined through Valuation Ruling No.786/2016, dated 01-01-2016. There was representation from commercial importer for determination of customs value of master batches afresh. One commercial importer namely M/s Standard Enterprises Lahore claimed that the prices of Master Batch (Black Colour) are lower in the international markets than the customs value determined in the existing valuation ruling, which is over one and half year old, hence it is required to be revised in the light of Sindh High Court’s orders dated 10.11.2015 in constitutional petition No. D- 6918/2015.

Since 90 days have passed and a representation was received from commercial importer regarding values determined in the valuation ruling dated 01.01.2016, hence an exercise was initiated to re-determine the values of subject items.

Meetings with stakeholders and local manufactures were scheduled on 17.7.2017, 10.8.2017 and 21-08-2017, to discuss the current international prices of subject goods. The meetings were attended by the consultant of M/s Standard Enterprises Lahore and representatives from local manufacturers, M/s Clariant Pakistan, M/s Bin Rashid and M/s FAV Pakistan. During the meeting the consultant of commercial importer stated that their particular item, master batch black colour, may be deleted from the valuation ruling as its value is lower than the value notified in the existing valuation ruling. On the other hand the view point of local manufacturers was diagonally opposed to the commercial importers.

The local manufacturer informed that the values of main constituent material i.e. plastic material (PE) and inorganic pigments (Carbon black pigment grade, titanium oxide etc) are showing upward trend in the international markets and requested to revise the values upward of master batches all grade.