Topic 2 - VRIS

• Value Reference Information System (VRIS)


  An electronic platform used in the Philippines by the Bureau of Customs to set standard values for imported goods based on historical data and current market values
• The VRIS helps to monitor import declarations and prevent undervaluation in imports
• The data from VRIS is used by customs officers for reference and to raise doubts on the declared values
• Reference Values (RV) from the VRIS


  Can't replace the customs valuation but may become the applicable value if the initially declared value is rejected
• The Reference Values are updated periodically, and the succeeding adjustments are approved by the Deputy Commissioner for Assessment and Operations Coordinating Group (AOCG)
• The Import Assessment Service (IAS) Director is responsible for maintaining the VRIS database
• A Valuation Team (VT) was created to develop a list of reference values to ensure proper taxes and duties are collected on imported goods
• If an importer disputes the assessed value, they can appeal or provide additional documentation for verification
• Significance of VRIS

  • It is essential for customs enforcement, helping to assess proper import values based on historical and current market data
  • It aids in preventing undervaluation of goods, ensuring fair duty and tax collection, and promoting equitable trade practices by establishing clear value benchmarks for imported products