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DG Valuation revises customs values of mixture of fatty acid

KARACHI: The Directorate General of Customs Valuation has revised the customs value of  mixture of fatty acid vide Valuation Ruling No 1346/2018 under Section 25-A of the Customs Act, 1969.

Earlier customs values of mixture of fatty acids were determined vide Valuation Ruling No. 1293/18 dated 20-04-2018. There were several representations from the importers and Pakistan Soap Manufacturers Association, wherein they contended that customs values determined in the existing valuation ruling do not reflect the prices prevailing in the international markets. Keeping in view the prevailing prices of the subject goods, this Directorate General initiated an exercise for re-determination of the Customs Values of mixture of fatty acid in terms of Section 25-A of the Customs Act, 1969.

Several meetings ,stakeholders including importers, representatives from Pakistan Soap Manufacturers Association representatives from field -formations were held in this Directorate General to discuss the at international prices of the subject goods.

The Pakistan Soap Manufacturers Association termed that the values of mixture of fatty acid need to be revised in accordance with the price availing in the international markets. The Pakistan Soap Manufacturers Association further stated that importers are facing problems in the clearance of the subject goods as world market prices of PFAD, PAO and MoFA are showing a downward trend since last three months. This position was verified from the import data, which also reflected inconsistent behavior of declaration of unit values.

The Pakistan Soap Manufacturers Association pointed out that reputed importers declare the actual prices but some unscrupulous elements resort to mis-declaration and under-invoicing. After detailed deliberations, all the participants agreed that values of mixture of fatty acid need to be revised downward and representatives of the importers and associations also submitted their recommendations. The view point of all participants was heard in detail and considered to arrive at Customs values of the subject goods.

Valuation methods provided in Section 25 of the Customs Act, 1969 were duly applied in their regular sequential order to arrive at customs values of subject goods.

 

 

 

 

 

2018-12-19
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