Advanced Customs Valuation Agreement

There has been serious concerns about the commitment of developing countries to implement the WTO Assessment Agreement in 2000. Many countries have not been well prepared to manage complex assessment rules that impose much of the duties of customs administration to show that a declared value is not correct. For this reason, it is the responsibility of customs authorities to develop the systems and procedures necessary for effective monitoring of undervaluation. This requires an aggressive approach to detecting undervaluation, setting up well-trained and well-trained specialized staff and organizing them into post-publication verification and control units. These units verify selected transactions, conduct audits and perform reassessments when an undervaluation is found. Remember, the risk of customs assessment is best avoided if well prepared and protected! Tradewin Korea is here to help. The agreement aims to establish a fair, uniform and neutral system for the valuation of goods for customs purposes, which is consistent with commercial reality and prohibits the use of arbitrary or fictitious customs values. It provides for the use of transaction value (sale price) between buyer and seller. At the same time, alternative methods are indicated, which must be used in sequential order to determine the value when the value of the transaction cannot be used. These methods are summarized as follows.

The World Trade Organization (WTO) agreement establishes rules for the assessment of imported goods that must be applied by all Member States. These are described in field 6.1. WTO member countries are required to abide by this assessment agreement85, but agreement on its provisions of the agreement has often proved problematic, as it includes the introduction of modern principles of tax and customs administration. 86 One of the outcomes of the Tokyo GATT trade cycle was the agreement on the implementation of Article VII of the General Agreement on Tariffs and Trade. It officially came into force on 1 January 1981 and was adopted by various signatories from the mid-1980s. Now that the WTO has become the successor organization to the GATT, we call it a WTO evaluation agreement. Taein Kim is the Managing Director of Tradewin in Korea. Prior to joining Tradewin, Taein held senior management positions with a Big 4 business consulting firm and a Korean customs and audit firm.

Taein has extensive practical experience in helping Korean companies manage their customs and trade functions and directly resolve issues with Korean customs and other government authorities. He has advised and supported many sectors on issues such as free trade agreements, tariff assessment, HS classification notices, accreditation requirements, customs controls and investigations. Taein is a product broker from Korea and passed the U.S. Enrolled agent`s exam. Head office. The head office evaluation unit would be responsible for developing evaluation policies, procedures and compliance control between regional and local offices. Monitoring may include audits of certain transactions to determine if the guidelines are being properly applied.

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