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Wco Valuation Agreement

by on Dec.20, 2020, under Uncategorized

The above evaluation methods should be used in hierarchical order. The agreement provides for a customs assessment system that bases customs value primarily on the transaction value of imported goods, i.e. on the price actually paid or payable for goods when they are sold for export to the importing country, with certain adjustments. Any company involved in international trade can benefit from the fair and predictable rules of this agreement for the valuation of goods for customs purposes. The agreement established a customs value assessment committee made up of representatives from each WTO member country. This committee meets at least once a year and gives members the opportunity to consult on issues related to the management of the customs assessment system. As part of the agreement, a technical customs assessment committee was also established under the aegis of the World Customs Organization, an international organization based in Brussels, whose aim is to promote international cooperation in customs matters. The tasks of the technical committee, which meets at least twice a year, include examining specific technical problems related to the day-to-day management of the agreement; Provide appropriate advice and solutions to these problems Reviewing Member States` assessment laws, procedures and practices; and provide information and advice on all customs assessment issues that may be requested by Member States. The methods of tariff assessment in descending order are: the agreement gives customs administrations the right to request additional information from importers when they have reason to doubt the accuracy of the reported value of imported goods. If, in spite of any additional information, the administration retains reasonable doubts, it can be considered that the customs value of the imported goods cannot be determined on the basis of the declared value and that the duty should determine the value taking into account the provisions of the agreement. [4] For importers, estimating the value of a product in customs poses problems that can be as serious as the effectively calculated duty. The WTO Customs Assessment Agreement aims to establish a fair, uniform and neutral system for assessing goods for customs purposes, one that is consistent with commercial reality and prohibits the use of arbitrary or fictitious customs values.


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