ISLAMABAD: Directorate General of Customs Valuation Karachi has revised Customs values on the import of four types of “Metallic Yarn” from China, UAE, Japan, Sri Lanka, Bangladesh and Georgia.

The directorate has issued a new valuation ruling (1803 of 2023) here on Wednesday.

The FBR has fixed minimum Customs values on the import of Aluminum Metalised Metallic Yarn (All Colors) M-Type; Aluminum Metalised Metallic Yarn (All Colors) ST/MS-Types; Aluminum Metalised Metallic Yarn (All Colors) MX-Types and Aluminum Metalised Metallic Yarn (All Colors) Nylon/ Viscose.

The Pakistan Yarn Merchants Association (PYMA) has approached the directorate for revision and re-determination of the custom value on the import of said item.

The PYMA argued that the Customs values on the import of this item has shown a downward trend in the international market and customs values so determined were not reflective of the prevailing price in the international market. Therefore, they requested to undertake a fresh exercise to determine the customs values on the import of the said item.

According to the ruling, the directorate has retrieved and scrutinised 90 days’ data. The method adopted to determine Customs values: Valuation methods specified in Section 25 of the Customs Act, 1969, were duly applied in their sequential order to arrive at the Customs value of subject goods.

The transaction value method as provided in sub-section (1) of Section 25 of the Customs Act, 1969, was found inapplicable due to absence of additional information under sub-section (2) of Section 25 of the Customs Act, 1969 required to arrive at correct transaction value.

Therefore, identical goods value method provided in Section 25(5) ibid was examined for applicability to determine Customs value of subject goods. The data indicated the range of values, declared by the importers, from USD 3.05/Kg to USD 5.4/Kg. On the basis of available data/information collected and exercise conducted the values of Metallic Yarn have been determined under sub-section (5), read with Section 25(9) of Section 25 of the Customs Act, 1969.

Therefore, the Metallic Yarn, hereinafter specified shall be assessed to duty/taxes at the customs values as per specified rates.

Copyright Business Recorder, 2023