News Paper: Business Recorder
ISLAMABAD (July 22 2010): The Federal Board of Revenue has urged the State Bank of Pakistan to chalk out an effective mechanism for sharing forex remittance information among the customs department and the banks through electronic data interchange system. Sources told Business Recorder here on Wednesday that the actual values of import/exports could be checked on the basis of information pertaining to foreign exchange remittances coming through legal banking channels.
The remittances received from board in Pakistan in the form of foreign exchange and any foreign exchange send to other countries by a particular exporter could be checked. The specific value of the import commodity could be checked with the help of this information.
The foreign exchange details of importers and exporters would help in determining the actual value of imports based on foreign invoices and other relevant documents involved in the business transaction. The information is also beneficial during exchange of information between trading countries.
The remittance information would also be helpful in checking the details of the actual contract of the importer signed with his supplier for actual valuation of the imported goods. Sources said that the FBR is taking effective anti-smuggling measures and curbing underinvoicing, improving valuation and Afghan Transit Trade.
The Pakistan Customs Valuation, Gateway (PCVaG), (a customs valuation website) has been launched and is operational since March 2010. The international reliable data on prices of goods is now available in PCVaG as a reference tool to check under invoicing. A Customs General Order (CGO) has been issued to assign roles and responsibilities in order to ensure that valuation data available in PCVaG is effectively utilised and regularly updated.
The mechanism for sharing forex remittance information with Customs and establishing an Electronic Data interchange is being discussed with SBP and Pakistan Banking Association. On the recommendation of Revenue Advisory Council (RAC) a study regarding the cost and benefits to local industry and the government as a result of duty-free imports will be done by former and current experienced customs officers through a committee comprising Collectors of Customs.
The FBR is consulting Ministry of Commerce regarding restriction on imports without LCs or sales contract. The mechanism of valuation is expected to be publicised in the media to create awareness among the business and trade for accurate assessment of duties and taxes on the imported goods
The remittances received from board in Pakistan in the form of foreign exchange and any foreign exchange send to other countries by a particular exporter could be checked. The specific value of the import commodity could be checked with the help of this information.
The foreign exchange details of importers and exporters would help in determining the actual value of imports based on foreign invoices and other relevant documents involved in the business transaction. The information is also beneficial during exchange of information between trading countries.
The remittance information would also be helpful in checking the details of the actual contract of the importer signed with his supplier for actual valuation of the imported goods. Sources said that the FBR is taking effective anti-smuggling measures and curbing underinvoicing, improving valuation and Afghan Transit Trade.
The Pakistan Customs Valuation, Gateway (PCVaG), (a customs valuation website) has been launched and is operational since March 2010. The international reliable data on prices of goods is now available in PCVaG as a reference tool to check under invoicing. A Customs General Order (CGO) has been issued to assign roles and responsibilities in order to ensure that valuation data available in PCVaG is effectively utilised and regularly updated.
The mechanism for sharing forex remittance information with Customs and establishing an Electronic Data interchange is being discussed with SBP and Pakistan Banking Association. On the recommendation of Revenue Advisory Council (RAC) a study regarding the cost and benefits to local industry and the government as a result of duty-free imports will be done by former and current experienced customs officers through a committee comprising Collectors of Customs.
The FBR is consulting Ministry of Commerce regarding restriction on imports without LCs or sales contract. The mechanism of valuation is expected to be publicised in the media to create awareness among the business and trade for accurate assessment of duties and taxes on the imported goods
-www.brecorder.com
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