KARACHI: The Directorate General of Customs Valuation has revised the customs value of chemicals namely glycerin, chlorinated paraffin wax (liquid) and calcium carbide Valuation Ruling No 1952/2019 under Section 25-A of the Customs Act, 1969.
Earlier the customs values of t1’e subject chemicals were determined vide Valuation Ruling No. 1312/2018 dated 12.07.2018.
There were several representations from importers, and industrial consumers wherein they contended that customs values determined in the existing valuation ruling are not reflective of prices in international markets. Keeping in view the prevailing prices of the subject goods, this Directorate General initiated an exercise TV or re-determination of the customs values of the subject Chemicals in terms of Section 5-A of the Customs Act, 1969.
Meeting with stakeholders including importers, representatives from Pakistan Chemicals and Dyes Merchants Association (PCDMA) and representatives from field formations was held on 24.12.2018, to discuss the current international prices of the subject chemicals.
All the stakeholders including PCDMA and M/s. Nimir Resins Limited requested that the prices of glycerin has been reduced internationally, therefore, the said valuation ruling may be revised in the light of prevailing international market prices.
Furthermore, customs values determined for glycerin in the existing valuation ruling are for imports in drum packing whereas in case, the goods are imported in ISO tanks or flexi bags, they face difficulty during assessment. Therefore, they requested that margin of quantity and freight element may be allowed for imports in ISO tanks or flexi bags as has been allowed in several other valuation rulings.
The stakeholders further emphasized that ammonium bi-carbonate and butyl acrylate attract Custom duty at 3 per cent, a11d their transactions are always correct and verifiable, therefore there is no need to include their prices in the ruling.