ISLAMABAD: Directorate General Customs Valuation Karachi has revised upward customs values on the import of polyester/ viscose spun yarn, blends and bleached/ unbleached kraft liner board and paper from Japan, USA, China, Australia, Sweden, Austria, France, Germany, Belgium, Finland, UK, Ireland, Saudi Arabia and Brazil.
In this connection, the directorate issued two valuation rulings on Friday.
Under these two new rulings, the customs values have been raised for the assessment of duties and taxes on the import of bleached/ unbleached kraft liner board and paper and polyester/ viscose spun yarn and its blends.
According to the ruling (6 of 2023), the Customs values of bleached/unbleached kraft liner board and paper have been determined in line with the international prices.
Earlier, the customs values of bleached/ unbleached kraft liner board and paper were determined under Section 25A of the Customs Act 1909 vide Valuation Ruling No 14161 2020.
However, different stakeholders requested to re-determine Customs values afresh in line with values prevalent in the international market. Therefore, an exercise has been undertaken by the Directorate to determine the same. Analysis/ exercise were done to determine Customs Values. In this regard, 90 days’ clearance data has been retrieved and the same has been scrutinized. Subsequently, prices retrieved, front the international publication showing price/ trend of the subject goods in the international market, have been examined.
Through another ruling (2 of 2023), the Customs values of polyester spun yarn, viscose spun yarn and blends have been determined.
Background of the valuation issue revealed that the customs values of polyester spun yarn, viscose spun yarn, acrylic spun yarn and blends were determined under Section 25A of the Customs Act, 1969 vide Valuation Ruling No582/2021.
Representation was received from Pakistan Yarn Merchant Association (PYMA), for 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.
Therefore, the customs values for spun yarns (polyester, viscose and blends thereof) shall be assessed to duty/ taxes at the specified customs values.
Copyright Business Recorder, 2023