PYMA rejects valuation ruling

KARACHI: The Pakistan Yarn Merchants Association (PYMA) has rejected the new valuation ruling for polyester filament yarn, which was a basic raw material of the textile industry, and challenged the same under section 25-D Custom Act – 1969, a statement said on Monday.

The association has requested the department concerned to review the unjust decision, it added.

PYMA, in its review application, expressed strong reservations over controversial Valuation Ruling No 1355/2019 dated March 15, 2019, which was too high, compared with the actual prices of polyester filament yarn.

The association said the polyester filament yarn prices have descended sharply across the globe, and can be verified from various international websites, quoting the current prices of polyester raw material.

A spokesman for PYMA said the basic raw material comprises PTA and MEG and it has been observed that the MEG valuation calculated by the Customs valuation department was incorrect.