KARACHI: A new Valuation Ruling No. 919/2016 replaced VR 662 of 2014 for determining custom values of PVC Coated Fabric.
According to the VR issued by Dr. Wasif Memon, Director, Valuation the new valuation ruling was issued because the previous one was issued two year back. The customs is bound to review VR after expiry of 90 days.
Accordingly, the new VR was issues in exercise of powers conferred under section 25 (A) of the Customs Act 1969.
The PVC Coated Fabric would be classified under PCT heading 5903.1000 for the commodity originating from China, Taiwan, Korea, Japan, UK and USA ranging between US $ 1.80 to 2.20.