It said that there were several representations from different traders and trade bodies, ie, Pakistan Chemicals and Dyes Merchants Association (PCDMA), for determination of customs value of the chemicals a fresh. Moreover, the importers have claimed that the prices of aforesaid chemicals are showing downward trend in the international market hence existing valuation ruling, which is over four months old, has to be revised in the light of the directives of the Sindh High Court.
For the purpose, the meeting was called on February 7, 2017 to discuss the issue related to the revision of customs valuation of the said chemicals with all the stakeholders including importers, trade bodies, ie Pakistan Chemicals and Dyes Merchants Association (PCDMA) and representatives from clearance Collectorates. It said that valuation methods provided under section 25 of the Customs Act, 1969 were duly applied in their regular sequential order to address the particular valuation issue at hand. The transaction value method as provided in Sub-Section (1) of Section 25, found inapplicable in light of the wide variety of invoices submitted at import stage the veracity of which could not be ascertained fully.
Therefore, the requisite information required under law was not available to arrive at the correct transaction value. The Directorate has also examined the PRAL database, market information and international prices thoroughly. Consequently, the fall back method as provided under section 25(9) of the Customs Act, 1969 was applied to revise the customs values of the said chemicals.
Copyright Business Recorder, 2017