KARACHI: The Directorate General of Customs Valuation has revised the values of Formic Acid (HS Code: 2915.1100) vide Valuation Ruling No. 703/2014.
A reference from Pakistan Chemical Dyes Merchants Association was received requesting for revision of customs values of Formic Acid.
With a view to reflect the current prices prevailing in the international market, an exercise to determine the Customs values of the subject goods afresh was taken up.
Formic acid will now be assessed to duty/tax as such that 85% manufactured by BASF of China origin at $0.80/KG; 85% manufactured by other manufacturers at $0.72/KG; 85% manufactured by all manufacturers of India origin at $0.70/KG; 85% manufactured by all manufacturers of other origin at $0.80/KG; 88% manufactured by all manufacturers of all origins at $0.90/KG.
The values have been determined for packaging of 25-35KG drums. A further reduction of $20/ton is allowed on account of bulk packaging, which includes 250KG drums and above.