KARACHI: The Directorate General of Customs Valuation has determined the customs values of formic acid up to 0.98 per kilogram in order to reflect the prices as prevailing in the international market, as per notification.
The following customs values are assessed under Section 25-A of the Customs Act, 1969 included:
Formic acid (85 percent manufactured by BASF)with origin China under PCT code 2915.1100 will be assessed at the rate of (C&F) $0.90 per kg, (85 percent manufactured by other manufacturers) will be assessed at the rate of (C&F) $0.80 per kg, (85 percent manufactured by all manufacturers) with origin India will be assessed at the rate of (C&F) $0.90 per kg, (85 percent manufactured by all) with other origins will be assessed at the rate of (C&F) $0.90 per kg, (88 percent & above manufactured by all manufacturers) with all origins will be assessed at the rate of (C&F) $0.98 per kg.
If transactional values are higher that the customs value determine in this ruling, the assessing officer shall apply those values in terms of Sub-Section (1) of Section 25 of the Customs Act, 1969.
In case of consignments imported by air, the assessing officer shall take into account the differential between air freight and sea freight while applying the customs values.
The ruling is valid until and unless it is revised by the competent authority and review petition may be filed against the ruling under Section 25-D within 30 days from the date of issue, before the Directorate General of Customs Valuation.
Meetings were held with all stakeholders including Federation of Pakistan Chamber of Commerce and Industry FPCCI and Karachi Chambers of Commerce of Industry KCCI representatives to obtain stakeholder views on above customs valuation.
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