Setting Standards

Sri Lanka will join the fleet of countries that have adopted the World Trade Organisations agreement to standardise customs valuation procedures.
Customs officials hope to implement the terms of the agreement from November, introducing a regime of fair, uniform and neutral valuation system, conforming to commercial realities and eliminating the use of arbitrary or fictitious values.rn

rnAccordingly only the “transaction value” of the goods endash price actually paid or payable when the goods are sold for export will be accepted for customs valuation.rn

rnThe Agreement negotiated during the Uruguay Round of Multilateral Trade Negotiations, in April of 1994 also gives customs officials the right to request further information in cases where they have reason to doubt the accuracy of the declared value of imported goods.rn

rnUnder the Agreement, customs authorities may add only the following to a goods transaction valueendash no other additions are allowed:rn

1. certain costs, if they are incurr