Directorate General Customs Valuation (DGCV) has revised the customs values of various types of imported spun yarns & its blended yarns under section 25 (9) of the customs act 1969. According to the revised valuation, the customs values of various counts of polyester spun yarn, viscose spun yarn, acrylic spun yarn and its blended yarns from China, Thailand, Indonesia, India and other origins, which were manufactured from polyester staple fiber and viscose staple fiber and acrylic staple fiber respectively, were earlier determined last year.

It said that since the first valuation ruling was formulae based and the formula was derived after painstaking efforts with the direct stakeholders and industry experts, therefore, fresh values as per the formulae were obtained for calculation of the determined values of subject goods.

Moreover, All Pakistan Textile Mills Association (APTMA) appreciated DGCV for determination and imposition of minimum import values of synthetic yarns of viscose, polyester and acrylic which helped in curbing the menace of under-invoicing regarding import of spun yarn products. APTMA further requested to revise the valuation ruling for polyester spun yarn, viscose spun yarn, acrylic spun yarn and its blends as the prices of raw material had gone up in the international markets.

Similarly, analysis of the PRAL data also showed upward trend of declared values by the importers against the subject goods. It further said that APTMA further contended to include 100 percent polyester spun yarns in the revised valuation ruling of spun yarn. For the purpose, meetings with stakeholders were held in April where representatives of both Pakistan Yarn Merchant Association (PYMA) and All Pakistan Textile Mills Association (APTMA) acknowledged upward price trend of raw materials in the international markets.

Moreover, DGCV in its revised valuation ruling stated that both associations and their technical teams duly assisted the Directorate and put forth in detail and added that APTMA officially communicated the values of polyester staple fiber (PSF), viscose staple fiber (VSF) and acrylic fiber from China Chemical & Fiber Economic Information (CCFEI) as agreed. It is pertinent to mention that both PYMA and the APTMA were having different point of view regarding incorporation of 100 percent polyester spun yarn in the revised valuation ruling. Meanwhile, APTMA requested to include 100 percent polyester spun yarn in the revised valuation ruling while PYMA urged the DGCV not to include the same as it may cause distortion during the time of clearance owing to peculiar nature of close virgin 100 percent, polyester spun yarn. It said that APTMA through a letter dated May 11 2017 once again presented their plea of issuing revise valuation ruling of spun yarn including 100 percent polyester spun yarn. Later, the Directorate followed the same formula as mutually agreed by both trade bodies to revise the customs values of subject goods.

Copyright Business Recorder, 2017