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Wto Agreement On Implementation Of Article Vii

The full text of the agreement is available on the WTO website. More information on the agreement and its application is also available on the WTO website in the Trade Topics category. The WTO agreement on the implementation of Article VII of the 1994 GATT or the so-called evaluation agreements is part of the Uruguay Round agreements. The agreement sets the rules for determining the value of goods for the imposition of customs duties and taxes applicable at the time of the importation of goods. Under the valuation agreement, transaction value is the primary value method, that is, the value that is based on the price actually paid or payable for the goods. The agreement gives customs authorities the right to request additional information from importers when they have reason to doubt the accuracy of the reported value of imported products. 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.

The Customs Assessment Committee of the Goods Council (CGT) conducts customs assessment work within the WTO. [currency conversion for customs value determination] Customs assessment is the regime by which customs authorities assign a monetary value to a good or service for import or export. In general, the authorities participate in this process to protect tariff concessions, collect revenue for government authority, implement trade policies and protect public health and safety. Tariffs and the need for tariff assessment have existed for thousands of years between different cultures, with evidence of their use in the Roman Empire, the Han dynasty and the Indian subcontinent. The first registered tariff was from 136 in Palmyra, an oasis city in the Syrian desert. [1] Beginning at the end of the 20th century, customs assessment procedures in most parts of the world were codified in the 1994 agreement on the implementation of Article VII of the General Agreement on Tariffs and Trade (GATT). [2] 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 products sold for export to the importing country, with certain adjustments.

If the customs value cannot be determined on the basis of transaction value, it is determined by one of the following methods: Article VII of the General Agreement on Tariffs and Trade. pdf 36.52 kb Online Search Documents Evaluation documents use the G/VAL code (where additional values are taken) These links open a new window: Leave a moment for the results to be displayed. Search for documents online These links open a new window: Allow a moment for results to appear. There are some contents for this page in other languages Clearance In the context of the negotiations of TF- ICC Customs Cooperation Customs Guidelines [Customs Assessment Rules – Adaptations (additions and exclusions) to the transaction value covered by Article 1] [Appropriate means based on data available in the country of import] . This hierarchy is codified in national legislation. [6] Given that most of world trade is valued on the basis of the transaction value method, the agreement offers more predictability, stability and transparency for trade, thereby facilitating international trade while ensuring compliance with