ISLAMABAD: In order to address the perennial problem of misinvoicing (generally known as under-invoicing), Pakistan Customs has developed an electronic solution.
Launched by the Directorate General Valuation (Customs), Karachi, this system, called LIVE (Linking International Values), has been developed by Directorate of Reforms & Automation team and it has been digitally integrated with the WeBOC system. It works by providing current price data of different commodities and goods from reputed international publications, which enables the assessing officers to cross-check declared values and to re-assess in case of variations. A number of interventions have been designed and made part of the Prime Minister’s Strategic Road Map for plugging revenue leakages and reducing the tax gap. Besides the LIVE system, other interventions recommended in study report included a robust Risk Management System, an effective Post Clearance Audit Department and a cutting-edge ICT solution. All of these were implemented a few months ago.
Not only this makes the published value digitally visible to the Assessing Officers (AOs), but it also confirms its utilisation by an Assessing Officer. Furthermore, such assessment becomes part of the ninety (90) days data which would help in strengthening/improving the quality of transactional value data. In the first phase of launch, the integrated International Publications include London Metal Bulletin (LMB); Public Ledger; Emerging Textile, Platts, Reuters, ICIS and Asian Pulp & Paper (Risi Info). The import value of the said items (during the financial year 2021-22) is Rs821 billion. The values of other important items (such as chemicals, edible oils, coated & uncoated paper, polyester filament yarn & fibre, and other items) shall be integrated into the system by 30th June.