The Federal Board of Revenue (FBR) has detected revenue loss due to non-applicability of "valuation advises" on import of consignments cleared through 'green channel' category under Pakistan Customs Computerised System (PACCS).
Business Recorder on Sunday that FBR has issued instructions to the Chief Collector of Customs (South), Customs House, Karachi to check whether such imported consignments were being cleared at lower customs values due to non-applicability of 'valuation advices' and revenue implications of such clearances made under the PACCS.
The Directorate General of Customs Valuation Karachi issues "valuation advises" to the collectors of customs for levying accurate rate of customs duty on the basis of authentic value of the imported goods in view of internationally applicable prices. In case of low customs value, it would result in clearance of higher valued goods on comparatively low value.
According to the directive, it was reported by Collector, Model Customs Collectorate (MCC) PACCS, under "green channel", the clearances pertaining to category "A" and "B" of importers, yielding 74 percent of revenue, valuation advises are not applicable and same are being cleared on lower values causing revenue loss to the national kitty.
It said that the Board be informed if valuation advises are not applicable to these clearances, then whether the relevant provisions of the Customs Act, 1969, applicable in such cases have also been applied by MCC, PACCS or not, and what are the appropriate actions that the department is presently taking to plug the revenue loss on account of such clearances, FBR instructions added.