Data exchange of information to be used for customs valuation


KARACHI: Pakistan Customs has been empowered to use exchange of information with other countries for determination of true valuation of imported and exported goods.
The government has empowered the customs authorities through amendment made to Customs Act, 1969. Through Finance Act, 2018 a new provision of 25AA has been inserted to the Customs Act, 1969 to empower customs authorities for determination of customs valuation.
Customs sources said that the data exchange of information would also be utilized for assessment.
Sources said that through this provision customs authorities would able to reach authorities for apprehending mis-declaration and under-invoicing on imported goods.
The sources said that in order to invoke provision regarding exchange of information the customs authorities would use Section 219 A of the Act.
Through Section 219A, Pakistan Customs has been given power to enter into mutual legal assistance agreements on customs matters.