KARACHI: Directorate-General Customs Valuation Director Shafiq Ahmad Latki revised customs values of nylon yarn through Valuation Ruling No. 1432 dated 3.12.2019
There was a representation from Pakistan Yarn Manufacture Association (Pakistan) wherein they contended that value of subject item needs to be aligned with international values. They requested to determine the applicable customs values in accordance with the trends of values in the international market.
Meeting for the determination of customs values of the nylon yarn was scheduled on 8.8.2019. The stake holders were requested to provide the following documents:-
- Invoices of imports during last three months.
- Websites, names and e-mail addresses of known foreign suppliers of the item in question through which the actual current value can be ascertained.
- Copies of contracts made/LC opened during the last three months
- Copies of sales tax invoices issued during last four months.
The meeting was attended by the office-bearers of Pakistan Yarn Merchants Association (PYMA), Karachi. The point of view of the participants was heard in detail and considered to arrive at customs values of subject goods. The PYMA contended that their proposition of values of different types of Nylon Yarn reflects international values.
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. The transaction value method as provided in Sub Section (I) of Section 25 of the Customs Act, 1969 was found inapplicable due wide variation of values declared to customs. Hence requisite information required under law was not available to arrive at the transaction value.
In case where declared transaction values are higher than the customs values determine in this ruling the assessing officer shall apply those values in terms of Sub Section (I) of Section 25 of the Customs Act, 1969 and the same may be communicated to Directorate General Customs Valuation forthwith.