Customs launches online valuation system
To ensure correct valuation of imports entering the country’s ports, the Bureau of Customs (BOC) launched an online platform also designed to enhance revenue collection and prevent technical smuggling.
In a statement Friday, the BOC said it piloted last April 8 in all ports nationwide the web-based National Value Verification System (NVVS), which will “determine and verify the accurate value of a commodity.”
Under this system, the data are presented based on all aggregate importations of commodities per Harmonized System (HS) Code, specific description and country of origin, the BOC said.
“The NVVS will ensure that updated and correct valuation is being implemented in all ports nationwide. Hence, the system is also an effective tool in addressing the issue of benchmarking in the BOC through application of correct values of goods entering the ports,” it added.
Also, the BOC said the NVVS would allow assessment officers to verify if an importer declared the value that was similar to the price it actually paid or payable for the products when exported to the Philippines.
The basis of value verification is the previous importation, similar and identical goods at the same period of importation and other methods of valuation available under Republic Act No. 10863, otherwise known as Customs Modernization and Tariff Act, it said. —BEN O. DE VERA
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