Petition to hedge aluminum valuation with SMM or LME rejected

KARACHI: Directorate General of Customs Valuation has rejected the revision petition filed by M/s Ruby corporation against the customs values of Aluminum foil/sheet determined vide Valuation Ruling No. 851/2016.

M/s Ruby Corporation contended that the valuation of aluminum foil/sheet should be hedged with SMM or LME for assessment purposes. On the other hand Directorate of the view that the value of aluminum sheets/foil depend on the thickness of aluminum, the finer/thinner the foil/sheet, higher will be the value.

Thus values varies accordingly to the thickness of aluminum foil/sheet, hence the proposal to hedge with SMM or LME for assessment will not solve the purpose and may create valuation dispute.

Director General Syed Tanveer Ahmed noted that M/s Ruby Corporation has not contested any of the categories of aluminum foil/sheet mentioned in the valuation ruling and simply desires to hedge the valuation with SMM or LME which is not justified as the prices depend according to the thickness of subject goods.

Director General did not find any reason to disturb the existing valuation ruling No.851/2016 and rejected the petition.

Bookmark the permalink.

Comments are closed.