Customs values of glycerin, chlorinated paraffin wax, calcium carbide revised
KARACHI: Director Customs Valuation Karachi Iqbal Muneeb has revised the customs values of chemicals, glycerin, chlorinated paraffin wax (liquid) and calcium carbide vide Valuation Ruling No. 1352/2019. Earlier the customs values of the subject chemicals were determined vide Valuation Ruling No. 1312/2018. There were several representations from importers, and industrial consumers wherein they contended that customs values determined in the existing valuation ruling are not reflective of prices in international markets. Keeping in view the prevailing prices of the subject goods, this Directorate General initiated an exercise for re-determination of the Customs Values of the subject Chemicals. Meeting with stakeholders including importers, representatives from Pakistan Chemicals and Dyes Merchants Association (PCDMA) and representatives from field formations was held to discuss the current international prices of the subject chemicals. All the stakeholders including Pakistan Chemicals and Dyes Merchants Association (PCDMA) and M/s Nimir Resins Limited requested that the prices of Glycerin has been reduced internationally, therefore, the said valuation ruling may be revised in the light of prevailing international market prices. [the_ad id="31605"] Furthermore, Customs Values determined for Glycerin in the existing valuation ruling are for imports in drum packing whereas in case, the goods are imported in ISO tanks or flexi bags, they face difficulty during assessment. Therefore, they requested that margin of quantity and freight element may be allowed for imports in ISO tanks or flexi bags as has been allowed in several other valuation rulings. The stakeholders further emphasized that Ammonium Bi-Carbonate and Butyl Acrylate attract Custom duty at 3.0 percent, and their transactions are always correct and verifiable, therefore, there is no need to include their prices in the Ruling.