KARACHI: The Director General of Customs Valuation has determined the Customs values of Polyester yarns vide Valuation Ruling No.768/2015.
A valuation Ruling regarding Polyester Yarn was issued vide Valuation Ruling No.709/2015. All Pakistan Yarn Merchants Association (PYMA), Karachi contested that old Valuation ruling needs revision due to downward trend in international prices of the Polyester Yarn and they requested for its revision.
The Karachi Chamber of Commerce & Industry, Karachi and the Federation of Pakistan Chamber of Commerce & Industry also forwarded their request with the recommendation to revise old Valuation Ruling keeping in view the prices in international market.
Director Customs Valuation Manzoor Memon formed a committee comprising Additional Director Dr. Nadeem Memon, Deputy Director Dr. Mohammad Shahzad, Principal Appraiser Shamim Iqbal and Valuation Officer Hafiz Mohammad Jokhio to conduct research and surveys and come up with appropriate values as per law.
An exercise was conducted and customs values of the commodity were revised.
