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Value for Chinese formic acid refixed

Value for Chinese formic acid refixed

KARACHI: To reflect the current prices prevailing in the international market, Directorate General of Customs Valuation has fixed $0.90-98 per kg as new customs value on the import of formic acid from China.

According to valuation ruling, the customs values of Formic Acid were determined under Section 25-A of the Customs Act, 1969, vide Valuation Ruling No 469/2012 dated 03-09-2012.

The valuation methods given in Section 25 of the Customs Act, 1969 were followed. Therefore, Customs value of Formic Acid was determined under Sub-Sections (5) & (6) of Section 25 of the Customs Act, 1969, read with Sub-Section (9) of the Act ibid.