Wto agreements on customs valuation ruling
The WTO agreement on customs valuation aims for a fair, uniform and Decision on Texts Relating to Minimum Values and Imports by Sole Agents, Sole.
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The Agreement stipulates that customs valuation shall, except in specified. taken by the Committee on Customs Valuation pursuant to a Ministerial Decision at. The primary basis for customs value under this Agreement is “transaction .
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and administrative rulings of general application giving effect to this Agreement.
Before a final decision is taken, customs must communicate its reasoning to the importer, who, in turn, must be given reasonable time to respond. In addition, the reasoning of the final decision must be communicated to the importer in writing.
The Technical Committee also meets twice a year. Delay of application of the Agreement for five years for developing countries.
This hierarchy is codified in domestic legislation. Part II provides for the international administration of the Agreement and for dispute resolution.
On the other hand, the customs administration may have information about the customs value of identical or similar imported goods which is not readily available to the importer.
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The customs value of the good does not need to be determined, as the duty is not based on the value of the good but on other criteria. To the greatest extent possible, this method should be based on previously determined values and methods with a reasonable degree of flexibility in their application. If any Member considers that any benefit accruing to it, directly or indirectly, under this Agreement is being nullified or impaired, or that the achievement of any objective of this Agreement is being impeded, as a result of the actions of another Member or of other Members, it may, with a view to reaching a mutually satisfactory solution of this matter, request consultations with the Member or Members in question.
Recognizing that customs value should be based on simple and equitable criteria consistent with commercial practices and that valuation procedures should be of general application without distinction between sources of supply.
Customs Valuation Agreement: Reservation Concerning Application of Article According to WTO records, 13 LDCs made a reservation concerning the.
Where the conversion of currency is necessary for the determination of the customs value, the rate of exchange to be used shall be that duly published by the competent authorities of the country of importation concerned and shall reflect as effectively as possible, in respect of the period covered by each such document of publication, the current value of such currency in commercial transactions in terms of the currency of the country of importation.
No customs value shall be determined under the provisions of this Article on the basis of:. When the above conditions are not met, the transaction value cannot be accepted as customs value and as such, the subsequent methods must then be applied.
WTO legal texts Marrakesh Agreement
The Committee shall elect its own Chairman and shall normally meet once a year, or as is otherwise envisaged by the relevant provisions of this Agreement, for the purpose of affording Members the opportunity to consult on matters relating to the administration of the customs valuation system by any Member as it might affect the operation of this Agreement or the furtherance of its objectives and carrying out such other responsibilities as may be assigned to it by the Members.
No part of the proceeds of any subsequent resale, disposal or use of the goods by the buyer will accrue directly or indirectly to the seller.