The general principles of Customs valuation were embodied in Article VII of GATT. They are as follows: –
That the value should be based on the actual value of imported goods on which duty should be assessed or of like goods.
That the actual value should be the price at which at a time and place determined by national legislation of the country of importation such or like merchandise is sold or is offered for sale in the ordinary course of trade under fully competitive conditions.
That the value of merchandise should not be based on the value of national origin or on arbitrary or fictitious values.
The value for Customs purposes of any imported goods should not include the amount of any internal tax applicable within the country of origin or export from which the imported goods has been or will be relieved by means of refund.
Learning Activities
Activity 1: Read and review the text on the European study group, Tokyo and Uruguay rounds
Activity 2: Identify the elements of BDV
Activity 3: Compare and contrast BDV and ACV
Self-Assessment Questions
Activity 1 Fill in the missing blanks
The Havana charter took place in ……………………………………….
The European study group essentially culminated into the formation of……………….in 1953 and also formally adopted the….…………………. valuation system.
The Tokyo round led to a compromise between ………………………………system and ………………………. system
The Uruguay round took place in which countries………………………
Assignment
Activity 2
Compare and contrast between notional and positive valuation systems
Explain the reasons why the European Union preferred the Brussels Definition of Value (BDV) during the Tokyo round negotiations
Activity 3
Discuss the General principles of the Agreement as embodied in the Article VII of the GATT
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