BOC uses new system to ensure correct taxes
CEBU, Philippines — A new system is being introduced by the Bureau of Customs to ensure correct valuation of imported goods.
The system is called the National Value Verification System. It was officially launched recently in line with the automation and modernization efforts of the agency.
The system works as a method of determining and verifying the accurate value of a commodity. Under this system, the data is presented based on all aggregate importations of commodities per Harmonized System Code, specific description, and country of origin.
“We will provide the necessary tools for our customs officers to ensure fair and facilitated trade for all our stakeholders,” said Commissioner Rey Leonardo B. Guerrero in a statement.
The NVVS will ensure that updated and correct valuation is being implemented in all ports nationwide. Hence, the system is an effective tool in addressing the issue of benchmarking in the BOC through application of correct values of goods entering the ports.
The BOC stated that the new system is very relevant in improving the revenue collection performance and strengthening border protection against technical smuggling.
The NVVS is a web-based system that assessment officers may access to verify whether the value declared by the importer is the price actually paid or payable for the goods when sold for export 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.
The pilot testing started last April 8, 2019 in all ports nationwide.— FPL (FREEMAN)