ISLAMABAD: In order to create a conducive environment for trade and industry, the Directorate of Valuation, Karachi, on the direction of Member Customs (Ops) Dr Fareed Iqbal Qureshi, has implemented Linking International Value (LlVE) system to control mis-invoicing.
Since its launch on Friday, LIVE system has been acting as a safeguard against mis-invoicing in the form of under-invoicing and over-invoicing.
The transparent and dynamic nature of the LIVE system will not only protect trade and industry but will also go on to create an atmosphere of predictability that is a cornerstone of every flourishing economy.
Misinvoicing issue: Directorate of Valuation implements ‘LIVE’ System
In the wake of the Prime Minister’s Strategic Road Map, the LIVE system was developed and deployed by the Directorate of Customs Valuation.
The innovation framework under which the LIVE system has developed/improved is standing on: the bold vision of the leadership of the department; high standards for the work of the workforce; belief in organisation’s ability; agile management.
In order to diversify the international publications to control mis-invoicing/under-invoicing, the Directorate of Valuation has so far linked over 150 commodities involving an import value of Rs 2,280 billion (including HRC/CRC/GP, food items, paper, yarn, crude oil and LPG, polymers and chemicals etc) with international publications (LME, Public Ledger, Asian Pulp and paper, yarn and fibre database, Platts, ICIS, Argus Media, Reuter and CCFEI etc). By September 2024, Rs 3,030 billion worth of Pakistan’s imports shall be covered by VRs and PVRs.
To effectively fulfil this objective, Customs is exploring more robust databases including QY Research, Statista, and Factiva to arrive at actual values of goods as envisioned by the WTO Valuation Agreement. QY Research is a leading global market research and consulting company that offers exhaustive information, inter alia, prices of commodities. Items covered by QY Research, for instance, are Paper, Packing Boards, and Replacement Auto-parts etc. As a result of the afore-mentioned rigorous exercise, VRs shall be replaced with PVRs in case of imports worth Rs805 billion. This will not only optimize realization of revenues but will also minimize trade/valuation disputes and ensure regulatory benefits by expeditious clearances and trade facilitation.
Copyright Business Recorder, 2024
Comments
Comments are closed for this article.