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The General Agreement on Tariffs and Trade (GATT) is an international agreement that was signed in 1947 and replaced by the World Trade Organization (WTO) in 1995. The GATT agreement on customs valuation is a part of the GATT that seeks to ensure that customs valuations are fair and transparent.
The GATT agreement on customs valuation sets out the methods that should be used to determine the value of goods for customs purposes. The agreement requires countries to use one of six methods for customs valuation, with the primary method being the transaction value method. The transaction value method requires that the value of goods be based on the price paid or payable for the goods when sold for export to the country of importation.
The GATT agreement on customs valuation also requires that customs officials make adjustments to the transaction value when necessary. These adjustments may be made for such things as differences in currency, transport costs, and insurance costs.
In addition to the methods of customs valuation, the GATT agreement on customs valuation also requires that countries establish procedures for determining the value of goods and for notifying importers of the basis of the customs value. These procedures must be transparent and provide opportunities for importers to appeal decisions made by customs officials.
The GATT agreement on customs valuation has been important in promoting transparency and fairness in international trade. It has helped to prevent countries from using arbitrary customs valuations to protect their domestic industries and has ensured that importers are not unfairly burdened by customs duties.
Overall, the GATT agreement on customs valuation has been an important tool in promoting fair and transparent customs valuations. By establishing clear methods for customs valuation and ensuring that procedures are transparent and fair, the agreement has helped to promote international trade and prevent protectionism.
