KARACHI: Director General Customs Valuation Syed Tanveer Ahmed has revised the customs values of Glycerin at $695/MT and amended the Valuation Ruling No.937/2016.
M/s Nimir Chemical Pakistan Limited and other importers had agitated against the customs values of Glycerin determined vide Valuation ruling No.937/2016 for it being on the higher side.
Asif Niaz Hussain Senior Manager supply chain of M/s Nimir Chemicals Pakistan Limited Lahore submitted that Glycerin is the raw material and used in manufacturing of resin and they are manufacturer of resin. They stated that present valuation ruling for glycerin is at $720/MT C&F whereas in the international market the purified glycerin is at $630/MT (FOB).
He stated that value of glycerin is depends on its grade and the value of purified glycerin (Industrial grade) is $630/MT FOB. If insurance and freight is added than it comes to $650/MT whereas in the valuation ruling No.937/2016, the value is determined at $720/MT which is on higher side.
They further added that M/s Nimir Industrial Chemicals and M/s Sufi Chemicals are local manufacturer of Glycerin from palm sterin. They manufacture Stearic Acid and Soap Noodles and glycerin is the byproduct of the industrial process.
The departmental representative stated that the value was determined in the light of PRAL’s data and data available on the international websites. He further stated that being industrial raw material market inquiry was not possible.
The manufacturers of glycerin were also consulted. They provided ICIS (Scan) prices which are in the range of $650-670/MT FOB. The manufacturers were of the view that if element of freight and other charges are added it comes to around $700/MT.
The Director General fixed the customs values of Glycerin at $695/MT.