UAE implements WTO agreement on customs valuation
The UAE announced Tuesday that it will start implementing the WTO agreement on customs valuation (ACV) after complying with all of the WTO legal and technical requirements.
Speaking on the occasion, Mohammed bin Fahad Al Mehairi, Director General of the UAE Federal Customs Authority (FCA) said, “The UAE has become a unique role model in the region as it has taken significant steps towards developing its customs operations to meet international standards. We are striving to maintain this image and build more on the success that we achieved in past few years.”
Al Mehairi noted that the “The WTO agreement on customs valuation aims for a fair, uniform and neutral system for the valuation of goods for customs purposes . A system that conforms to commercial realities, and which outlaws the use of arbitrary or fictitious customs values.”
He added “For importers, the process of estimating the value of a product at customs presents problems that can be just as serious as the actual duty rate charged, therefore The agreement provides a set of valuation rules, expanding and giving greater precision to the provisions on customs valuation in the original GATT.”
Furthermore, FCA has introduced a new electronic customs system creating a comprehensive database for all imported goods in the country in an aim to facilitate the evaluation process throughout all of the customs centers in the country. (menareport.com)
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