Agreement On Implementation Of Article Vii (Customs Valuation)

The WTO Agreement on Implementation of Article VII of the GATT 1994 or the so-called valuation agreements are part of the Uruguay Round. The Agreement establishes the rules for determining the value of the goods for the determination of customs duties and taxes applicable on the date of importation of the goods. According to the valuation agreement, the transaction value is the principal value method, i.e. the value based on the price actually paid or payable for the goods. The full text of the agreement is available on the WTO website. For more information on the agreement and its application, please consult the WTO website under "Trade issues". The agreement gives customs administrations the right to request additional information from importers when they have reason to doubt the accuracy of the declared value of imported goods. In general, the authorities are involved in this process in order to protect tariff concessions, collect revenue from the government authority, implement trade policy, and protect public health and safety. Tariffs and the need for a customs value assessment have existed for thousands of years in different cultures, with evidence of their use in the Roman Empire, Han Dynasty and the Indian subcontinent.

The first documented customs tariff dates from 136 in Palmyra, an oasis city in the Syrian desert. [1] From the end of the twentieth century, customs valuation procedures applied worldwide were codified in the Convention implementing Article VII of the General Agreement on Tariffs and Trade (GATT) 1994.