THE Bureau of Customs (BOC) is set to implement early next year a system that will curb undervaluation of imports through "misinvoicing," an official said.
Customs Commissioner Nicanor Faeldon said his office is working on a Value Reference Information System (VRIS), an electronic platform that sets the value threshold or standard of every imported commodity based on historical value of previous importations and prevailing market values and statistical studies.
The system can monitor on a daily basis those importers declaring importations below the reference value. If there will be issues on the transaction value declared by importers, they will be asked to submit any document that will verify the declared value of commodity.
"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," Faeldon said.
The BOC has yet to finalize the system, and will implement this on or before February next year.
Faeldon's announcement of this system comes after the BOC has recovered an estimated P1.7 million worth of duties and taxes from undervalued steel imports at the Port of Subic. (SDR/Sunnex)