KARACHI:
Federation of Pakistan Chambers of Commerce and Industry (FPCCI), President, Atif Ikram Sheikh noted that Pakistan Customs held a high-profile and interactive orientation session on the “Implementation of Linking International Value (LIVE) System under the Innovation Framework to Control Mis-invoicing” on Friday, according to a press statement released by the chambers. The session was hosted by FPCCI at its head office at the Federation House and was attended by prominent trade and industry personalities.
During the session, Sheikh commended the efforts of customs, especially the Directorate of Valuation in Karachi, for creating a conducive environment for trade and industry under the leadership of Member Customs Operations, Dr Fareed Iqbal Qureshi. Addressing the audience via Zoom, Member Customs Operations gave details regarding the main features and benefits of the LIVE System. Qureshi said that since its launch, the LIVE System has been acting as a safeguard against mis-invoicing in the form of under-invoicing and over-invoicing. He assured the audience that the transparent and dynamic nature of the LIVE system will not only protect trade and industry but will also foster predictability, a cornerstone of every flourishing economy.
The statement mentions that Fayaz Rasool Maken, the Director of the Directorate General of Customs Valuation in 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 the LIVE system has developed and improved rests upon the bold vision of the department’s leadership, high work standards, as well as belief in the organisation’s ability and agile management.
On the directions of Member Customs (Ops) to diversify international publications to control mis-invoicing/under-invoicing, the Directorate of Valuation has so far successfully linked over 150 commodities involving an import value of Rs2,280 billion. This includes HRC/CRC/GP, food items, paper, yarn, crude oil, and LPG, polymers, and chemicals, among others, with international publications such as LME, Public Ledger, Asian Pulp and paper, Yarn and Fibre database, Platts, ICIS, Argus Media, Reuters, and CCFEI. Additionally, Maken informed the audience that by September 2024, Rs3,030 billion worth of Pakistan’s imports will be covered by Valuation Rulings (VRs) and Pre-Valuation Rulings (PVRs).
Published in The Express Tribune, April 20th, 2024.
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