Directorate General Valuation (Customs), Karachi has decided to digitally integrate price data of edible oil, chemicals, coated & uncoated paper, polyester filament yarn & fiber, and other commodities with International Publications for accurate assessment of duties and taxes.
According to the details, the import values of important items like chemicals, edible oils, coated & uncoated paper, polyester filament yarn & fiber, and other items) shall be integrated with the system by June 2023.
The system, called LIVE (Linking International Values), has been developed by the Directorate of Reforms & Automation team and it has been digitally integrated with the WeBOC system. The system works by providing current price data of different commodities and goods from reputed international publications, which enables Assessing Officers to cross-check declared values and to re-assess in case of variations.
The new system not only makes the published value digitally visible to the Assessing Officers (AOs), but it also confirms its utilization by that Assessing Officer for the assessment of an item. Furthermore, such assessment becomes part of the 90 days data which would help in strengthening/improving the quality of the transactional value data.
In the first phase of launching the LIVE system, the integrated International Publications include London Metal Bulletin (LMB); Public Ledger; Emerging Textile, Platts, Reuters, ICIS, and Asian Pulp & Paper (Risi Info).
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