Major polyester filament yarn (PFY) importers on Monday challenged the verdict of customs appellate bench of the Sindh High Court, that had allowed the Directorate General of Customs Valuation Karachi to assess the traders’ consignments as per the existing formula under Ruling 1387 of 2019.
The customs authorities had determined customs values of the PFY through Valuation Ruling 1387 of 2019 under Section 25-A of the Customs Act 1969 on September 03, 2019, saying customs values of the PFY were earlier determined vide Valuation Ruling 1362 of 2019 on April 25, 2019.
The authorities claimed that several meetings with different stakeholders including Pakistan Yarn Merchants and Manufacturers Association were held to deliberate over the issue of valuation of PFY.
However, the PFY importers were not satisfied with the determination of Valuation Ruling 1387 of 2019 and challenged the instrument before Director General of Customs Valuation Karachi that didn’t provide remedy to them. Upon which they invoked the jurisdiction of—TLTP