KARACHI: Atif Ikram Sheikh, President FPCCI, has apprised that Pakistan Customs held a high-profile and interactive orientation session on "Implementation of Linking International Value (LIVE) System under Innovation Framework to Control Mis-invoicing" on Friday.
The session was hosted by FPCCI and was attended by prominent trade and industry personalities, he added.
Atif Ikram Sheikh appreciated the efforts of customs; and, especially Directorate of Valuation, Karachi for creating a conducive environment for trade and industry under the leadership of Member Customs Operations, Dr Fareed Iqbal Qureshi.
Member Customs Operations addressed the audience over zoom in detail regarding the main features and benefits of the LIVE System.
He said that since its launch, LIVE System has been acting as a safeguard against mis-invoicing in the form of under-invoicing and over-invoicing. He ensured the audience that the transparent and dynamic nature of 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.
Fayaz Rasool Maken, the Director of the Directorate General of Customs Valuation, Karachi conducted the orientation session on the LIVE system; which was developed and deployed in December 2022 under the Prime Minister’s Strategic Road Map. He started by explaining that the innovation framework under which LIVE system has developed and improved is standing on: the bold vision of the leadership of the Department; high standards for work of the workforce; belief in organization’s ability and agile management.
On the directions of Member Customs (Ops) 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 PKR. 2,280 billion (including HRC/CRC/GP, Food Items, Paper, Yarn, Crude Oil & LPG, Polymers and Chemicals etc.) with international publications (LME, Public Ledger, Asian Pulp and paper, Yarn and Fiber database, Platts, ICIS, Argus Media, Reuters and CCFEI etc.).
Fayyaz Rasool Maken informed the audience that by September 2024, PKR. 3,030 billion worth of Pakistan’s imports shall be covered by VRs and PVRs. In order to effectively fulfill this objective, Customs is exploring more robust databases including QY Research, Statista, and Factiva to arrive at actual values of goods as envisioned by WTO Valuation Agreement.
QY Research is a leading global market research and consulting company that offers exhaustive information, inter alia, about prices of commodities. Items covered by QY Research, for instance, are Paper, Packing Boards and Replacement Auto.
Aman Paracha, VP FPCCI, hoped that, as a result of the aforementioned rigorous exercise, VRs shall be replaced with PVRs in case of imports worth Rs850 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.
The presentation ended on demonstration of LIVE system. It was followed by question & answer session and a vote of thanks from the host with a re-assurance of support for Customs in implementation of initiatives critical for country trade, industry and economic prosperity.
Copyright Business Recorder, 2024
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