BoC to implement electronic value declaration system

Posted on December 05, 2016

THE BUREAU of Customs (BoC) is currently working on an electronic Value Reference Information System (VRIS), intended to deter technical smuggling from the undervaluing of imports.

“The Bureau of Customs will push through with its implementation to avoid undervaluation of imports. This will protect legitimate importers and stakeholders from smugglers and corrupt stakeholders,” Customs Chief Nicanor E. Faeldon said.

According to a statement from the BoC, the VRIS sets the value threshold or standard of every imported commodity based on historical value of previous importations and prevailing market values and statistical studies.

It will detect whether or not goods imported on a daily basis are undervalued. If the system finds that the products have misdeclared values, then the importers will flagged, and asked to submit documents that will verify the declared value of commodity.

The BOC aims to implement the VRIS by February.

The Bureau estimates at least P200 billion of lost revenue due to technical smuggling.

The Commissioner noted a recent attempt by Mannage Resources Trading Corp. (MRTC) to misdeclare a shipment of deformed bars at $2 per metric ton, far from the BoC’s valuation of $16.50 per metric ton.

Even though the BoC collected the correct amount of taxes from MRTC, it still has not released the deformed steel bars from Subic port amid allegations the shipment does not meet Philippine quality standards. — E. J. C. Tubayan

Source: http://www.bworldonline.com/content.php?section=Economy&title=boc-to-implement-electronic-value-declaration-system&id=137291