KARACHI: Director Customs Valuation Wasif Memon ahs revised the customs values of various chemicals vide Valuation Ruling No.920/2016.
The custom values of chemicals including Iso-propyl Alcohol, N-Propanol, Cyclohezanone, Ethoxylated Nonyl Phenol, Iso Butanol, N-Butanol and Phenol were earlier determined vide Valuation Ruling No 793/2016, which gave valuation of imports of chemicals in drums packing only and it did not cover the chemicals imported vide ISO tanks or in Bulk-form.
Several representations from different traders and trade bodies i.e. Pakistan Chemicals and Dyes Merchants Association (PCDMA) were received for determination of customs value of chemicals imported in bulk vessels and in ISO-tanks as well.
Pakistan Chemicals and Dyes Merchants Association (PCDMA) proposed that a difference of $100/M Ton between value of products imported in Bulk-quantity and for chemicals imported in ISO-tanks a difference of $200/M Ton from value of product imported in Bulk-Vessels vis-a-vis the same chemical imported in drum-packing.
They also informed that items namely, Butyl Acrylate, Cyclo Hexanone, Chloroform, Di- Ethylene Glycol, Ethylene Acrylate, Glycerine, Iso Propyle Alcohol, Iso Butanol, N-Propanol, N-Butanol, Methylene Chloride and Mono Ethylene Glycol are also imported in bulk-vessels and ISO tanks apart from drum packing.
A letter was also received from MCC Appraisement (East) regarding resolution of issue pertaining to subject chemicals imported in bulk vessels and ISO-tanks as the existing Ruling was for chemicals imported in drums packing only.
Moreover the importers have claimed that the prices of subject chemicals are showing down ward trend in the International market.
