Summary on Customs Valuation

  1. The general structure of The Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade is as follows; 

 

The adoption of the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade (Agreement) is not only the introduction of the uniform valuation criteria but also the facilitation and promotion of international trade. The Agreement provides the simple and fair system which is consistent with commercial practices and enables a trader to proceed with a reasonable degree of certainty and to be fully aware of how the declared value will be determined. It also seeks to achieve the first and principal method of determining Customs Value by basing the customs value as far as possible on the TRANSACTION VALUE OF THE IMPORTED GOODS, that is, the price actually paid or payable for the goods when sold for export to the country of import.

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