BOC Enhances Value Reference Information System

 BOC Enhances Value Reference Information System

The Bureau of Customs (BOC) signed on July 14, 2020 Customs Memorandum Order (CMO) No. 16-2020 which implements the Enhanced Value Reference Information System (e-VRIS) to serve as a database of reference values that will operate in the electronic to mobile (E2M) system. This replaces the existing National Value Verification System (NVVS) established in 2019 to protect government revenues against trade misinvoicing and misclassification.

The e-VRIS shall help Customs establish a reliable and comprehensive database of information on the value and classification of imports for reference purposes in support of the implementation of the World Trade Organization’s (WTO) Valuation System.

The reference values stored in the e-VRIS shall serve as a risk management tool to ascertain the veracity of any statement, document, or declaration presented for customs valuation purposes. These values are not to be considered substitute values but only reference values to assist assessment personnel in the valuation of goods. Further, assessment personnel are mandated to value imported goods pursuant to the provisions of Section 700-707 (Sequential Application of Valuation Method) of the Customs Modernization and Tariff Act (CMTA).

Meanwhile under Section 5 (Operational Provisions) of the CMO, declarants are mandated to fill-up Box No. 33 (Specification Code) of the goods declaration upon lodgment in the E2M system. Declarants will be provided with a coded product description list in the form of a drop-down menu to select the appropriate specification code of the goods to be lodged. For goods which has no specification code, the declarant shall use “others” and manually input the specific description of the goods in Box No. 31(Packages and Description of Goods). The observance on the mandatory filling-up of Box No. 41 (Supplemental Units) is also included under the CMO. Along with the foregoing, customs examiners/appraisers are required to fill-up Box No. 43 (Valuation Method) of goods declaration in the E2M system to reflect the valuation method used in the assessment of the imported goods.

The provisions under CMO 16-2020 are applicable only for lodgment of goods declaration under consumption entry.

The Order shall take effect 15 days after its publication in a newspaper of general circulation.

###
=========================================

Prohibida la reproducción parcial o total.  Todos los derechos reservados de Rubicon, Global Trade, Customs & Business Partnership, S.C., del Autor y/o Propietario original de la publicación.  El contenido del presente artículo y/o cualquier otro artículo, texto, boletín, noticia y/o contenido digital, entre otros, ya sea propio o de tercero alguno, publicado en nuestra página de internet u otros medios digitales, no constituye una consulta particular y por lo tanto Rubicon, Global Trade, Customs & Business Partnership, S.C., sus colaboradores, socios, directivos y su autor, no asumen responsabilidad alguna de la interpretación o aplicación que el lector o destinatario le pueda dar.

Share on facebook
Share on twitter
Share on linkedin

Deja un comentario