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International Standards for Customs in one place: HS, Origin and Valuation
You are here: World Customs Organization Topics Valuation Overview
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The customs value of imported goods is determined mainly for the purposes of applying ad valorem rates of customs duties. It constitutes the taxable basis for customs duties. It is also an essential element for compiling trade statistics, monitoring quantitative restrictions, applying tariff preferences, and collecting national taxes.
In this section, you will find the frequently asked questions related to Customs Valuation and the answers to these questions. Given the complexity of some of the topics, you will also find hyperlinks to parts of the WCO web site or other useful links, relating to the matter.
The WTO Valuation Agreement is formally known as the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade (GATT) 1994. It replaced the GATT Valuation Code as a result of the Uruguay Round multilateral trade negotiations which created the WTO in 1994.