HOW TO ACHIEVE ACCURATE VALUATION

Standardized Rules: Schedule II of the Import Duties ACT CAP 91: aligned with the WTO Valuation Agreement, establishes a set of clear and consistent rules for customs valuation that must be followed. This eliminates confusion and disputes regarding Valuation methods.

Documentation Requirements: The legislation requires importers to provide accurate documentation to support the declared value of their goods. This documentation helps customs authorities verify the Valuation.

Transaction Value Preference: The legislation prioritizes the use of the transaction value [i.e., Price Actually Paid or Payable for the goods] as the basis for Valuation. This method is considered the most reliable and objective

Alternative Valuation Methods: The legislation outlines alternative Valuation methods to be used in cases where the transaction value cannot be determined. This Valuation methods have to be applied in hierarchy.

Right To Explanation: Importers have the right to request an explanation from Customs authorities if their declared value is disputed. This allows for open communication and helps identify any discrepancies in Valuation methods or interpretations.

Advance Rulings: Advance ruling provides businesses with a pre-determined Valuation for goods before import. This promotes transparency and reduces the risk of unexpected delays or penalties at the border.

Information Sharing: The legislation encourages information sharing on Valuation practices and challenges. This foster collaboration and helps ensure consistent application of the Valuation rules across all stakeholders involved in international trade.