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DG Valuation revises customs values of polyester filament yarn

DG Valuation revises customs values of polyester filament yarn

KARACHI: The Directorate General of Customs Valuation revised the customs values of polyester filament yarn Valuation Ruling No: 1338/2018 under Section 25-A of the Customs Act 1969.

Earlier the customs values of the polyester filament yarn were determined vide Valuation Ruling No. 1269/2018 dated 14.03.2018.

There was a representation from Filament Yarn Manufacture Association (Pakistan), wherein they contended that due to the upward trend of value of basic raw materials i.e. Pure Terephthalic Acid (PTA) and Mono Ethylene Glycol (MEG) for polyester filament yarn, the customs values determined in the existing Valuation Ruling are not true reflective of prices in international markets.

Keeping in view the prevailing prices of the subject goods, Directorate General initiated an exercise for determination of the Customs Values of the filament yarn in terms of Section 25-A of the Customs Act, 1969.

Meeting for the determination of customs values of the polyester filament yam was scheduled on 4.10.2018.

The importers / stakeholders were requested to submit the invoices of imports during last three months showing customs value.

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.

The meeting was attended by office bearers of Filament Yarn Manufacturer Association (Pakistan). Pakistan Yarn Merchants Association (PYMA), Karachi, Filament Yarn Merchant Association (FYMA), Karachi and other importers.