KARACHI: Directorate of Customs Valuation has revised the customs values of polyester spun yarn, viscose spun yarn, acrylic spun yarn and their blends vide Valuation Ruling No.1161/2017.
Customs values of various counts of Polyester Spun Yarn, Viscose Spun Yarn, Acrylic Spun Yarn and their different blended yarns of China, Thailand, Indonesia, India and other origins (manufactured from polyester staple fiber and viscose staple fiber and Acrylic staple fiber respectively), had earlier been determined vide Valuation Ruling No. 983/2016.
Since the first Valuation Ruling is formulae based and the formulae is 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.
M/s APTMA (All Pakistan Textile Mills Association) appreciated Directorate General of Customs Valuation 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 subject Spun Yarn products.
M/s APTMA further requested to revise the Valuation Ruling No.983/2016 for Polyester Spun Yarn, Viscose Spun Yarn, Acrylic Spun Yarn and their blends as the prices of raw material i-e., Polyester Staple Fiber, Viscose Staple Fiber and Acrylic Staple Fiber has gone up in the international markets.
Analysis of the PRAL data also showed up-ward trend of declared values by the importers against the subject goods. M/s APTMA (All Pakistan Textile Mills Association) further contended to include 100 percent Polyester Spun Yams (PCT 5509.2100) in the revised Valuation Ruling of Spun Yam.
Moreover, M/s Sana Industries Limited, Karachi, also filed a representation for the revision of Valuation Ruling for Polyester Spun Yarn, Viscose Spun Yarn, Acrylic Spun Yam and their blends.