AVN 65.31 Decreased By ▼ -0.86 (-1.3%)
BAFL 30.25 No Change ▼ 0.00 (0%)
BOP 4.63 Decreased By ▼ -0.10 (-2.11%)
CNERGY 3.89 Decreased By ▼ -0.12 (-2.99%)
DFML 13.50 Decreased By ▼ -0.60 (-4.26%)
DGKC 42.15 Decreased By ▼ -1.54 (-3.52%)
EPCL 46.13 Increased By ▲ 1.48 (3.31%)
FCCL 11.45 Decreased By ▼ -0.38 (-3.21%)
FFL 5.19 Increased By ▲ 0.22 (4.43%)
FLYNG 5.82 Decreased By ▼ -0.28 (-4.59%)
GGL 10.04 Decreased By ▼ -0.34 (-3.28%)
HUBC 63.21 Increased By ▲ 0.91 (1.46%)
HUMNL 5.73 Decreased By ▼ -0.12 (-2.05%)
KAPCO 27.81 Increased By ▲ 0.26 (0.94%)
KEL 2.15 Decreased By ▼ -0.06 (-2.71%)
LOTCHEM 25.37 Decreased By ▼ -1.23 (-4.62%)
MLCF 21.65 Decreased By ▼ -0.87 (-3.86%)
NETSOL 84.95 Decreased By ▼ -1.25 (-1.45%)
OGDC 86.64 Increased By ▲ 0.37 (0.43%)
PAEL 10.96 Decreased By ▼ -0.31 (-2.75%)
PIBTL 4.21 Decreased By ▼ -0.07 (-1.64%)
PPL 78.65 Decreased By ▼ -1.43 (-1.79%)
PRL 13.61 Decreased By ▼ -0.05 (-0.37%)
SILK 0.88 Decreased By ▼ -0.02 (-2.22%)
SNGP 41.00 Decreased By ▼ -0.75 (-1.8%)
TELE 6.01 Decreased By ▼ -0.20 (-3.22%)
TPLP 16.02 Decreased By ▼ -0.25 (-1.54%)
TRG 111.89 Decreased By ▼ -0.66 (-0.59%)
UNITY 14.01 Decreased By ▼ -0.34 (-2.37%)
WTL 1.14 Decreased By ▼ -0.06 (-5%)
BR100 4,026 Decreased By -48.6 (-1.19%)
BR30 14,402 Decreased By -123 (-0.85%)
KSE100 40,451 Decreased By -396 (-0.97%)
KSE30 15,110 Decreased By -101.7 (-0.67%)
Follow us

ISLAMABAD: The Directorate General of Customs Valuation, Karachi has enhanced custom values on the polyester chain items including polyester filament yarn.

A new valuation ruling (1694 of 2022) issued by the directorate, here on Wednesday revealed that in exercise of the powers conferred under Section 25A of the Customs Act, 1969, the Customs Values of polyester filament yarns are determined.

Earlier, the Customs values of polyester filament yarns were determined under Section 25A of the Customs Act, 1969 vide valuation ruling No1655/2022 dated 30-05-2022. Representations were received from manufacturers and various importers and associations, including PYMA and FYMA, for re-revision/re-determination of Customs values for the subject items.

As the values of subject goods had shown varying trends in the international market, the Customs values so determined were not reflective of prevailing prices in the international market, therefore, an exercise has been undertaken by this Directorate to determine the same.

Stakeholders’ participation in the determination of Customs values: Meetings were convened which were attended by all the relevant stakeholders. The issues pertaining to the valuation of subject goods were deliberated upon in detail in the afore-referred meetings. Analysis/exercise done to determine Customs Values.

The members of PYMA contended that the values — declared by them, along with those provided to the Valuation Department through contracts/invoices finalised by them with their suppliers — should be accepted. In this regard, data of the clearances for the relevant/recent period was scrutinized which; however, reflected that in most cases the importers have been declaring the values as per the Valuation Ruling No 1655/2022 dated 30.05.2022. This gives evidence that the importers accepted the assessable/customs values contained in afore-referred ruling. Therefore, the values given in their contracts/invoices are not the actual values and cannot be accepted as the transaction values under Section 25 (1) of the Customs Act, 1969.

Next method (s) considered for the determination of the subject goods are 25(5) and (6) which are also not found applicable.

As a result, the Computed Value Method under Section 25(8) of the Customs Act was considered and found to be relevant/applicable on the grounds, inter-alia, that (in all the previous valuation rulings) the same methodology/established practice has been followed. The method adopted to determine Customs values: As per the methodology referred, the values of Polyester Filament Yarns are computed by this Directorate after taking into consideration inter-al in the import clearance data of two major constituent raw materials of subject goods I.e. PTA and MEG. On the basis of available data/information collected and exercise conducted the values of polyester filament yarn have been determined under sub-Section (8), read with Section 25 (9) of Section 25 of the Customs Act. 1969.

Customs values of polyester filament yarns: Polyester Filament Yarns, hereinafter specified, shall be assessed to duty/taxes at the Customs values as per specified values.

In cases, where declared/transaction values are higher than the Customs values determined in this Ruling or higher evidential data is available of stipulated period of 90 days. the assessing officers shall apply those values in terms of sub-section (I) of Section 25 of the Customs Act, 1969. In case of consignments imported by air, the assessing officer shall take into account the differential between air freight and sea freight while applying the Customs values in this ruling.

This Ruling, containing the Customs Values for assessment of subject imported goods, shall be applicable until and unless the same are rescinded or revised by the competent authority in terms of sub-section (4) of Section 25A of the Customs Act, 1969.

Any anomaly observed may kindly be brought to the notice of this Directorate immediately. The Customs values determined in the ruling are for the descriptions and specifications as mentioned in the attached table of Annexure-A of this Ruling. HS Codes are mentioned for illustrative purposes so that Valuation Ruling values are made accessible to the assessing officers. The assessments shall be finalized on the basis of correct classifications after fulfilling all formalities related to the importability or other certifications required thereon.

This ruling supersedes valuation ruling NoI655/2021 dated 30 05-2022.

Copyright Business Recorder, 2022


Comments are closed.

Polyester chain: customs valuation enhanced

PPP to send legal notice to Imran over Zardari assassination plot claims

FM Bilawal to visit Russia on January 29-30

In 2 weeks: Indus Motor increases Toyota car prices again as rupee's fall bites

Two Indian air force jets crash, one pilot killed

'Believe in Ishaq Dar': Maryam says current finance minister to solve economic crisis

Sukuks: Dar seeks guidance from clerics

Death toll in Afghanistan cold snap rises to 166, official says

B2B barter trade mechanism: MoC empowered to impose conditions, curbs

Power tariff raise proposal not firmed up

CDWP approves seven projects worth Rs22bn