The Bureau of Customs (BOC) is conducting a post-entry audit on the units imported by luxury vehicles distributor PGA Cars Inc in the last six years, Customs Commissioner Rozzano Rufino B. Biazon on Wednesday said, citing possible undervaluation.
“We observed some declarations na you feel na subject to question. [Customs] mismo ang may nakitang basis for the audit,” Biazon told reporters.
One basis was a discrepancy between the declared value of the cars and the prices published on the Internet, he said. "Aside from the invoice value, there are other costs and capital to arrive at the dutiable value."
Customs notified PGA Cars, which imports Porsche and Audi cars, of the audit last month. The car company must submit its financial documents to Customs, or face suspension or removal of its import license.
Once PGA Cars has completed the submission of pertinent documents, Customs will have 120 days to complete the audit.
Biazon said this was not the first time a car dealer has been subjected to a post-entry audit. Customs is also monitoring and auditing vehicle importers from the so-called gray market, he said.
source: interaksyon.com