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The agreement aims to establish a single, fair, uniform and neutral system for the customs valuation of imported goods, to respect trading conditions and to prohibit the use of arbitrary or fictitious customs values. The Agreement recognises, by its positive conception of value, that customs valuation should, as far as possible, be based on the actual price of the goods to be valued. The agreement stipulates that the customs legislation of each WTO member country provides for the right of importers without penalty, first to the country`s customs administration or an independent body, and then to a judicial authority. All laws, regulations, court decisions and administrative decisions that bring the contract into force are published. The agreement established a Customs Valuation Committee composed of representatives from each WTO member country. This committee meets at least once a year and gives members the opportunity to consult on matters relating to the management of the customs value system. The Agreement also established a Technical Committee for Customs Valuation under the auspices of the World Customs Organisation, an international organisation based in Brussels whose objective is to promote international cooperation in customs matters. The tasks of the Technical Committee, which meets at least twice a year, include: examining specific technical issues arising in the day-to-day management of the Agreement; provide expert advice and appropriate solutions to these problems; Study of the laws, procedures and practices of member countries with regard to evaluation; and to provide information and advice on all matters relating to customs valuation that may be requested by Member States. The agreement provides for a customs valuation system based primarily on the transaction value of the imported goods, which is the price actually paid or payable for the goods when they are sold for export to the importing country, with certain adjustments. In cases where it is not possible to determine the transaction value of the imported goods, the agreement provides for alternative methods of valuation. The first alternative is to determine the customs value on the basis of the transaction value of identical goods sold for export to the same country. In the case of non-identical goods, the customs authorities shall use the transaction value of goods of the same kind sold for export to the same country. Where identical or similar goods are not sold for export to the same country, the value of identical or similar goods may be used when they are sold in the importing country.

Alternatively, a calculated value can be used; The agreement describes how this value is to be calculated. If all else fails, the customs authorities shall use “reasonable means in accordance with the principles and general provisions of this Agreement” to determine the value of the imported goods. The agreement identifies certain situations in which the transaction value of imported goods is unacceptable for customs purposes. These occur: if there are restrictions (with a few exceptions) on the disposal or use of the goods by the buyer; if the sale or price of the goods is subject to a condition or consideration for which no value can be determined; if part of the proceeds from further use of the goods by the buyer is paid to the seller; or, with a few exceptions, if the buyer and seller are “related” (e.B. they are business partners, employers, employees, officers or directors in the other`s business. The above evaluation methods should be used in hierarchical order. Under the Agreement, customs authorities may only add the following to the transaction value of goods – other additions are not permitted: any enterprise involved in international trade may benefit from the fair and foreseeable rules of this Agreement for the valuation of goods for customs purposes. . . .