Inside Financial Markets

Duty on pharma input enhanced to $1/kg

The customs duty of citric acid monohydrate pharmaceutical grade has been increased to $1 per kilogramme. According to official details, the latest valuation of Citric Acid monohydrate pharmaceutical grade, issued by the Directorate General of Custom Valuation (DGCV), has been increased to $1 per kilogram.

While developing a database values for different items, the Directorate has observed that wide range of declarations are not correctly reflected the values of the items as traded in the international market.

During the scrutiny of previous clearance data, it has also been noticed that citric acid falling under PCT headings 2918.1400 are being assessed at different values and certain transactions are on very low side.

Therefore, the Directorate, after carefully examining the clearance data, also conducted market inquiries to verify the authenticity of declarations. Online prices were also obtained to corroborate the findings of the market surveys.

Keeping the said observations in view, the citric acid monohydrate imported from China will now been determined at US$0.70 per kilogramme while citric acid monohydrate pharmaceutical grade, which is also origin from China will be assessed at $1.00 per kilogramme.

Meanwhile, officials said that these values are only for reference and final assessment will be made after considering other factors which have bearing on the customs value. Moreover, the clearance Collectorates has also been directed to consider the latest values before finalising the assessment of the said imported items and urged the Collectorate to forward reference along with detailed justifications and worksheets for further fine-tuning in specifications.

Baqar Hussain

A Wannabe CFO, just had stepped in the corporate sector, willing to explore every aspect here and learn as mush as i can, awareness for those who dont, get the info where ever possible and stay up to date always.

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