KARACHI: Customs Valuation Director General Surriya Ahmed Butt asked Director Valuation Iqbal Muneeb to review the Valuation Ruling No. 795/2016 for removing deficiencies in accordance with law and also taking on board the regular major importers as well as the representatives of Federation of Pakistan Chamber of Commerce & Industries (FPCCI) and Karachi Chamber of Commerce & Industries (KCCI).
According to the details, M/s Faraz Knit Wear agitated against Valuation Ruling No.795/2016 that the department has not made the working/calculations properly while notifying the customs values of the Acrylic Yarn.
They also agitated against the price parity maintained between the Acrylic Yarn from various regions. The departmental representatives explained the valuation methodologies adopted by them to arrive at the customs values determined vide the impugned ruling.
After detailed deliberation of the case, Director General Surriya Ahmed Butt advised Director Customs Valuation Iqbal Muneeb to revisit the Valuation Ruling No.795/ 2016 for removing the deficiencies.