Customs valuation for Chinese origin polyester revised

Karachi: Pakistan Customs has revised the customs values of Chinese origin polyester pile fabric up to $3.35 per Kg as in order to reflect the current price with the international market.
On Saturday, Directorate General of Customs Valuation issued valuation ruling No. 684/2014 as it is reported that the said good is being imported under-invoiced value to avoid tax and duty.
The following customs values are included:
Polyester pile fabric (knitted) will be assessed at $2.65 per kg
Polyester pile fabric (narrow knitted) will be assessed at $3.05 per kg
Polyester pile knitted fabric (chenille) will be assessed at $3.35 per kg
Five meetings were held with the stakeholders from July to September 2014 and also attended by the representatives of Karachi Chamber of Commerce and Industry (KCCI), MCC Appraisement (East/West), Karachi and importers for the determination of customs values of the said good.
A notification said that 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 determined in this ruling.
A review petition may be filed against this ruling within 30 days from the date of issue before the Director General, Directorate General of Customs Valuation.
It said that the Collectorate of Customs should ensure that the values given in the ruling for t he given description of goods are applied by the concerned staff without fail and any anomaly observed may kindly be brought to the notice of Directorate General immediately.

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