KARACHI: Director General Customs Valuation Syed Tanveer Ahmed upheld the values of PVC clear transparent flexible sheet determined vide Valuation Ruling 862/2016 and rejected the revision petition of M/s Carewell Traders & Others.
The petitioners submitted current oil prices are $ 46.63, internationally oil which is the major raw material for this product has been lowered down up to 60 percent and internationally foreign suppliers have adjusted their prices as well.
The petitioners also contended that as per formula of raw materials and values mentioned above the unit value of PVC clear transparent flexible sheet should be at $1.20/kg whereas $1.55/kg was determined vide Valuation Ruling No 862/2016.
On the other hand the Department submitted that the formula for manufacture of PVC clear transparent flexible sheet submitted by the petitioner although not supported by any international magazine but even then if wastages and conversion costs and profit of manufacturer and exporter and inland freight, sea freight and other Misc charges are added to cost, the final cost is worked out at $1.578/kg whereas $1.55/kg was determined vide Valuation Ruling No 862/2016.
The valuation ruling was correctly and lawfully revised after giving hearing opportunity to all stake holders/ importers.
After detailed deliberation, Director General upheld the values of PVC clear transparent flexible sheet and rejected the revision petition.