ISLAMABAD: The Directorate of Customs Valuation, Lahore has fixed new customs export values, ranging between US$80 to US$295 per metric tons (PMT), of eight different kinds of grades of Baryte.
In this regard, the directorate has issued a Valuation Ruling No.1 of 2025.
According to the directorate, in exercise of the powers conferred under Section 25A read with Sub-Section 15 of Section 25 of the Customs Act. 1969, the customs value of Baryte is determined.
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The Directorate of Customs Valuation Lahore received an application from Bolan Mining Enterprises (BME.) seeking review of the existing Valuation Ruling No: 3/2024 on grounds that the said VR was applicable only on Baryte specific gravity (SG) 4.2, whereas other grades are also exportable and require customs valuation.
Therefore, the Directorate initialled an exercise for determination of the value of the said grades in terms of section 25A read with sub-section 15 of Section 25 of the Customs Act, 1969.
Three meetings were convened with stakeholders. The issue pertaining to the valuation of the subject item was deliberated upon in detail in the afore-referred meetings.
The stakeholders submitted their proposals pertaining to the valuation of Baryte for consideration and the same were thoroughly pursued. The documents submitted by the stakeholders, arguments submitted during the meetings, price trends and exports data from PRAL were also examined for determination of customs export value of Baryte.
Therefore, export data, market survey, international market trends and documents submitted by stakeholders were examined to arrive at customs export values of the subject item, the ruling added.
Copyright Business Recorder, 2025
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