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Business Recorder
3 days ago
- Business
- Business Recorder
Spun yarn varieties: New customs' values on imports notified
ISLAMABAD: The Directorate General of Customs Valuation Karachi has issued new customs values on the import of polyester spun yarn, viscose spun yarn, acrylic spun yarn and blends thereof from China, Thailand, Indonesia and Vietnam. In this regard, the directorate has issued a valuation ruling number 64 of 2025. The ruling revealed that the Customs values of Polyester Spun Yarn, Viscose Spun Yarn, Acrylic Spun yarn and blends thereof were determined under Section 25A of the Customs Act, 1969 vide Publication Value Reference No.02 dated December 29, 2022. Subsequently, representations were received from the Pakistan Yarn Merchants Association (PYMA) and other stakeholders requesting re-determination of Customs values for the subject items, as more than 90 days had elapsed since the issuance of the aforementioned Publication Value Reference. Yarn, grey cloth, raw cotton removed from EFS purview It was contended that the values determined therein were no longer reflective of prevailing international market prices. Accordingly, the Directorate has undertaken a fresh exercise for re-determination of Customs values of the subject goods. The importers, during the course of consultation, informed that a consensus-based formula for the valuation of Polyester Spun Yarn, Viscose Spun Yarn. and Acrylic Spun Yam had earlier been developed in coordination with the Department. However, they stated that this formula had now become obsolete due to a significant decline in the import volume of various yarn types. It was further asserted by the importers that, despite repeated representations and efforts on their part, the Customs values of the subject items had not been revised since 2022. As a result, the Computed Value Method under Section 25(8) of Customs Act was considered and found inapplicable since the exact data regarding cost of production at the country of export was not available. Keeping all the factors in view and after carefully analyzing all the available information from different sources, the Customs values of subject items were determined where the international market prices of raw material i.e. Polyester, Viscose, and Acrylic staple fibers, used in the production of Polyester, Viscose and Acrylic Spun yarn, were obtained from CCF Group. Thereafter, conversion cost (conversion of PSF to Polyester Spun Yarn, VSF to Viscose Spun Yarn and ASF to Acrylic Spun Yarn of assorted counts) were calculated count-wise from the prices available on reputable international publications to arrive at the customs values of 100% Polyester Spun Yarn and Viscose Spun Yarn. Similarly, the conversion costs of blended Polyester, Viscose and Acrylic Spun Yarns were calculated and the same were added to arrive at customs values of blended Polyester, Viscose and Acrylic Spun Yarns. Besides, the conversion cost of converting and Viscose Spun yarns into multiple folded (2ply and 3ply) have also been determined prices available on reputable international publications. The conversion costs so calculated added to the values of Polyester and Viscose Spun Yarn, the new ruling added. Copyright Business Recorder, 2025
Business Recorder
02-07-2025
- Business
- Business Recorder
PYMA rejects inclusion of Articles 37-A, 37-B in ST Act
KARACHI: The Pakistan Yarn Merchants Association (PYMA) has categorically rejected the inclusion of Articles 37-A and 37-B in the Sales Tax Act under the recent Finance Bill. In an appeal to Prime Minister Shehbaz Sharif, Finance Minister Muhammad Aurangzeb, and FBR Chairman Rashid Mehmood Langrial, PYMA has urged the immediate withdrawal of these controversial provisions, which have sparked serious concern across the business community. PYMA Chairman Muhammad Saqib Goodluck criticized the new measures, stating that they represent 'BLACK LAWS' that will lead to harassment and undue pressure on legitimate businesses. He emphasized that empowering FBR officials with excessive authority through these articles is unjust and hostile to business interests. 'If the government truly wants to enhance tax revenues, it should foster a supportive environment that encourages business growth, not one that breeds fear and mistrust,' Saqib Goodluck said. 'Thriving businesses contribute more to the national exchequer. But policies that stifle entrepreneurship will only shrink the tax base and hurt the economy.' Copyright Business Recorder, 2025
