PYMA rejects customs valuation for filament yarn

PYMA rejects customs valuation for filament yarn

KARACHI: Pakistan Yarn Merchant Association (PYMA) on Tuesday rejected customs ruling issued for determination of value of polyester filament yarn.

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Saqib Naseem, Chairman Pakistan Yarn Merchants Association (PYMA) and Muhammad Junaid Teli, Vice Chairman, Sind & Balochistan region, have strongly rejected Valuation Ruling No. 1655 / 2022 Dated. 30.05.2022 which was issued on 31.05.2022 for Polyester Filament Yarn.

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PYMA office-bearers said that Director Valuation, Syed Fawad Ali Shah, had not consulted all stakeholders and refused the PYMA actual raw material price determination which was submitted earlier.

They said that fresh valuation of polyester filament yarn is totally against normal practice.

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“Pakistan Yarn Merchants Association is a Major stakeholder of Polyester Filament Yarn & demanded for immediate withdrawal of VR # 1655 / 2022 and Director Valuation should call a meeting of all stakeholders & issue New / Revised Valuation Ruling of PFY as per past practice of Valuation Department,” PYMA office-bearers demanded.

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