What WTO Agreement on Implementation of Article VII of GATT 1994 (Customs Valuation Agreement): The Transaction Value Method and the Valuation Hierarchy requires
The WTO Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade 1994, commonly called the Customs Valuation Agreement, establishes a single international system for determining the customs value of imported goods on which ad valorem duties are assessed, and binds all WTO Members. Article 1 establishes the primary method: the customs value is the transaction value, that is the price actually paid or payable for the goods when sold for export to the country of importation, adjusted in accordance with Article 8. Article 8 specifies the additions to the price actually paid or payable, such as commissions, the cost of containers and packing, and royalties. Where the transaction value cannot be used, the Agreement prescribes a strict sequence of alternative methods that must be applied in order: Article 2 the transaction value of identical goods, Article 3 the transaction value of similar goods, Article 5 the deductive value based on the resale price in the importing country, Article 6 the computed value based on cost of production plus profit and general expenses, and Article 7 the fall-back method using reasonable means consistent with the Agreement. Article 4 allows the importer to request that the order of Articles 5 and 6 be reversed. Article 11 guarantees the importer a right of appeal without penalty against a customs valuation determination. Article 13 permits release of goods against a guarantee where final determination is delayed, and Article 17 preserves the customs administration's right to satisfy itself as to the truth or accuracy of any statement. The Agreement is the foundational instrument for customs valuation in cross-border trade compliance.
Pillar: Trade Compliance & Export Controls · Authority: World Trade Organization · Version: 1.0.0 · Last updated:
Primary source: https://www.wto.org/english/docs_e/legal_e/20-val_01_e.htm
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Primary Citations — 8 traced to source
- WTO Customs Valuation Agreement, Article 1 - transaction value as the primary basis of customs value.
- WTO Customs Valuation Agreement, Article 2 - transaction value of identical goods.
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