KARACHI: Director Customs Valuation Manzoor Hussain Memon has determined the Customs values of UV/OP varnish and polyester polyamide wire enamel/varnish vide Valuation Ruling No.778/2015.
Customs values of UV/OP Varnish were determined under section 25A of the Customs Act, 1969 through Valuation Ruling No.454/2012, which is considerably old therefore requires for revision.
A reference was also received from MCC Appraisement-East, Karachi for determination of customs values as the Collectorate received complaint regarding mis-declaration and under invoicing in the import of Polyester Polyamide/wire enamel.
Therefore, Directorate General initiated an exercise for determination of customs value for UV/OP Varnish and Polyester Polyamide/wire enamels/varnish.
Meetings with stakeholders were held, which were attended by different importers, who claimed during the meeting that their imports were against letter of credit/bank documents and that their declarations were correct. They, however, could not submit any corroboratory evidence/documents in support of their contention till date.
Henceforth, UV/OP Varnish under PCT chapter 32.08 of USA/UK/EU/Taiwan/Japan origin would be assessed to duty and taxes at the rate of $3.0/KG while Customs values of these goods of all other origins would be $2.75/KG.
Polyester Polyamide wire enamel/varnish under PCT chapter 32.08 of USA/UK/EU/Taiwan/Japan origin would be assessed to duty and taxes at the rate of $2.25/KG while Customs values of these goods of all other origins would be $2.00/KG.