In a bid to bolster transparency and efficiency in trade operations, Pakistan Customs has rolled out the LIVE System, a cutting-edge initiative aimed at protecting the interests of the business community and ensuring a conducive environment for economic growth.
Dr. Fareed Iqbal Qureshi, Member Customs Operations, emphasized the pivotal role of the LIVE System in combating mis-invoicing and fostering predictability in trade dynamics during a meeting with members of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).
Speaking at a virtual session organized via Zoom, Dr. Qureshi underscored the transformative impact of the LIVE System since its inception, particularly in curbing under-invoicing and over-invoicing practices. He assured stakeholders that the system’s transparent and dynamic framework not only shields trade and industry but also fosters an environment conducive to sustainable economic prosperity.
Atif Ikram Sheikh, President FPCCI, commended Pakistan Customs for its proactive stance in implementing innovative solutions to address trade challenges. He highlighted a recent high-profile orientation session conducted by Pakistan Customs, focusing on the implementation of the LIVE System to control mis-invoicing effectively. Sheikh lauded the collaborative efforts of customs authorities, notably the Directorate of Valuation in Karachi, for fostering a business-friendly climate under Dr. Qureshi’s leadership.
Fayaz Rasool Maken, Director of the Directorate General of Customs Valuation, Karachi, delved into the intricacies of the LIVE System during the orientation session. He elucidated on the system’s foundation built upon the vision of departmental leadership, rigorous standards, and agile management practices. Maken outlined the extensive integration of over 150 commodities, representing an import value of PKR 2,280 billion, with international publications to ensure accurate valuation.
Looking ahead, Maken outlined ambitious targets to expand the coverage of Pakistan’s imports under the system, aiming to reach PKR 3,030 billion by September 2024. To achieve this goal, customs authorities are exploring robust databases such as QY Research, Statista, and Factiva to ascertain the actual values of goods in alignment with WTO Valuation Agreement principles.
Aman Paracha, Vice President FPCCI, expressed optimism regarding the positive outcomes of integrating VRs (Valuation Rulings) with PVRs (Prevalence Value Rulings) for imports worth Rs. 850 billion. This strategic shift not only optimizes revenue collection but also minimizes trade disputes and enhances regulatory benefits, facilitating expeditious clearances and trade facilitation.
The session concluded with a demonstration of the LIVE System, followed by an engaging question-and-answer segment. The FPCCI reiterated its unwavering support for Customs in implementing initiatives crucial for the country’s trade, industry, and economic prosperity, underscoring the collaborative approach necessary for sustainable growth.
