ISLAMABAD: Directorate General of Customs Valuation Karachi has revised Customs values on the import of Methyl Acetate from all foreign origins.
The directorate has issued a ruling number 1827 of 2023 on Friday.
The Customs values determined above are for imports in drum packing. In case the goods are imported in ISO tank then USD 100 per metric ton (MT) and for bulk vessel imports USD 200 per MT may be deducted for assessment purpose from above mentioned Customs values.
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Earlier, the Customs values of Methyl Acetate and Sec. Butyl Acetate were determined under Section 25A of the Customs Act, 1969 vide Valuation Ruling No.1272/2018. However, different stakeholders requested to determine Customs values afresh in line with values prevalent in the international market.
Therefore, an exercise has been undertaken by this directorate to determine the same. The meetings were attended by the relevant stakeholders. The issues pertaining to the valuation of subject goods were deliberated upon in detail in the afore-referred meetings.
The participants submitted their proposals for consideration and the same were considered pertaining to the valuation of subject goods.
The importers contended that the values of Methyl Acetate and Sec. Butyl Acetate are on higher side in the existing valuation ruling as compared to the prices in the international markets. Therefore, Valuation Ruling needs to be revised according to the prevailing prices in the international markets.
The participants also submitted proposals in this regard. Ninety (90) days’ clearance data has been retrieved and the same has been scrutinized. Subsequently, market inquiry has been conducted and examined in the light of this Directorate’s Office Order No.17/2014.
As a result, this directorate conducted market survey under sub-section (7) of Section 25 of the Customs Act, 1969 wherein various Wholesale Markets were visited to observe the actual prices of Methyl Acetate and Sec. Butyl Acetate.
Finally, on the basis of available data/information collected and exercise conducted, the values of Methyl Acetate and Sec. Butyl Acetate have been determined under sub-section (7), read with Section 25(9), of Section 25 of the Customs Act, 1969.
The Methyl Acetate and Sec. Butyl Acetate, hereinafter specified, shall be assessed to duty/taxes at the new Customs values, the directorate added.
Copyright Business Recorder, 2023