ISLAMABAD (November 23 2005): The Central Board of Revenue (CBR) has decided to tackle the problem of under-valuation of imported goods, using Chinese data of import/export and valuation-related information available with the international organisations, including SGS company.
Sources said on Tuesday that CBR has given assignment to Director General Valuation to pay due attention to under-valuation of goods and enforce valuation checks wherever necessary.
D G Valuation should also inform CBR about the utility of information available from China, SGS and valuation solution available with Micro Care.
Officials said that Micro Care is the company which has devised software of CARE and it is equipped with the database on valuation which may help the customs officials in conducting proper valuation of imported goods.
SGS may provide service to the CBR for providing data on valuation. Similarly, Pakistan Customs and its Chinese counterpart have shared data on exports and exchange of import documents to prevent smuggling and check under-valuation. The sharing of data with Chinese Customs has not only helped in checking smuggling but would also be instrumental in building an information base and would ensure reliable import documentation, trade facilitation and promotion of exports.
Sources said that the valuation department of the CBR had finalised parameters for carrying out audit and verification of import and export documents to detect valuation fraud and mal-practices. Through the post-clearance audit (PCA), the valuation department would audit the documents, declarations and other related documents after clearance of the goods to unearth frauds.