KARACHI: The Directorate General, Customs Valuation, has revised the customs values of Polyester Filament Yarn Valuation Ruling No: 1269/2018 under Section 25A of the Customs Act-1969.
Earlier, the customs values of the polyester filament yarn were determined vide Valuation Ruling No. 1049/2017 dated 20.02.2017. 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, this 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.
Stakeholders’ participation in determination of customs values: Meeting for the determination of customs values of the polyester filament yarn was scheduled on 14.3.2018. The stakeholders were requested to provide the following documents:-a) Invoices of imports during last three months. b) Websites, names and E-mail addresses of known foreign suppliers through which the actual current value can be ascertained. c) Copies of Contracts made LCs opened during the last three months. d) Copies of Sales Tax Invoices issued during last four.
The meeting was attended by office-bearers of the Filament Yarn Manufacturer Association (Pakistan), Pakistan Yarn Merchants Association (PYMA) Karachi, Filament Yarn Merchant Association (FYMA) Karachi and other importers. The issues pertaining to the valuation of subject goods were deliberated upon in detail and the participants were confronted with the working/calculations done by the department.