FPCCI Endorses Pakistan Customs’ New LIVE System to Enhance Trade Accuracy and Control Mis-invoicing

Karachi, In an effort to combat mis-invoicing and promote trade accuracy, Pakistan Customs has introduced the Linking International Value (LIVE) System, which was presented during a session hosted by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). The initiative aims to safeguard against under-invoicing and over-invoicing through enhanced transparency and predictability in trade operations.

According to Federation of Pakistan Chambers of Commerce and Industry, the orientation session took place at FPCCI's head office in Karachi, led by Mr. Fayaz Rasool Maken, Director of the Directorate General of Customs Valuation. The event saw participation from notable figures in trade and industry, reflecting the system's significance. Mr. Atif Ikram Sheikh, President of FPCCI, highlighted the system's development under the Prime Minister’s Strategic Road Map since December 2022, emphasizing its role in creating a conducive environment for trade under the leadership of Dr. Fareed Iqbal Qureshi, Member Customs Operations.

During the session, various aspects of the LIVE System were discussed, including its foundation on leadership vision, workforce excellence, and agile management. The system has already linked over 150 commodities with international publications to ensure accurate valuation in line with the World Trade Organization's Valuation Agreement. Looking ahead, Customs plans to expand its database sources to include QY Research, Statista, and Factiva, aiming to cover PKR 3,030 billion worth of imports by September 2024.

The session concluded with a demonstration of the LIVE System, followed by a Q and A session and expressions of continued support from FPCCI for Customs' initiatives that are crucial for the economic prosperity of Pakistan.