KARACHI: Pakistan Yarn Merchants Association (PYMA) has rejected the new valuation ruling for polyester filament yarn and urged the authorities to review the decision.
The association challenged the valuation ruling under section 25-D Custom Act – 1969 and requested the relevant department to review the unjust decision.
According to a statement issued on Sunday, PYMA, in its review application, expressed strong reservations over controversial Valuation Ruling No. 1355/2019 dated March 15, 2019 which was too high as compared to the actual PFY prices.
PYMA pointed out that the PFY prices have descended sharply across the globe and it can be verified from various international website quoting the current prices of Polyester Raw Material.
PYMA’s spokesman explained that the basic Raw Material of PFY comprises of PTA & MEG and it has been observed that the MEG valuation calculated by the customs valuation department was incorrect.
As per past practice since last 10 years, PYMA has submitted all Raw Material prices data for the last 90 days but unfortunately, the data provided was neither taken into consideration nor were the stakeholders consulted prior to the issuance of Valuation Ruling.
PYMA demanded to withdraw current valuation Ruling & issue revised Valuation Ruling after consultation with stakeholders. PYMA was also willing to give further modifications in the new Valuation Ruling, which must reflect actual and exact prices of PFY.