KARACHI: Pakistan Soap Manufacturers Association (PSMA) Chairman A. Abdullah Zaki has condemned higher valuation of sulphonic acid issued by the Director Customs Valuation on Dec 22 despite its low price in the world market.

Sulphonic acid is a major raw material for soap industry, its price revolves from $950-$1,050 per tonne origin-wise in the international market, while the Customs authorities have been assessing the same at $1,250 per tonne which is sort of a benchmark they have set instead of the actual invoice value, which is totally unjustified, the PSMA chief said.

He demanded withdrawal of higher valuation so that all consignments of sulphonic acid arriving from different origins should be assessed at declared value.

Mr Zaki said as per the instructions of Director Customs Valuation Wasif Ali Memon all stakeholders such as the members of Pakistan Chemical and Dyes Merchants Association (PCDMA), commercial importers, manufacturers of sulphonic acid and representatives of PSMA held a meeting on Dec 17 and agreed the assessable value of sulphonic acid imported from all origins such as South Korea, Taiwan, China and India etc at $1,160 per tonne. However, Mr Memon did not care the recommended and agreeable price of all trade bodies.

Published in Dawn December 24th, 2016