The Effects of Shifting to Transaction Value and Other Issues

This study takes off from an earlier inquiry on the effects of Home Consumption Value (HCV) valuation. It is intended to assist policymakers in examining the requirements for an effective implementation of the General Agreements on Tariffs and Trade Valuation Code (GVC). This study identifies several advantages and disadvantages under the GVC regime. Nevertheless, based on the findings of the study, the gains from implementing the GVC outweigh the potential losses as long as the legal framework and institutions for the World Trade Organization (WTO) compliance are in place.transaction value, trade sector

Shifting the Country's Customs Valuation System to Transaction Value: What Can We Expect?

The study takes off from an earlier inquiry on the effects of HCV (home consumption value) valuation. This study is intended to assist policymakers as well as the private sector in their task of deciding whether to implement or postpone the adoption of the GATT Valuation Code (GVC) by January 1, 2000. Under the GVC, the dutiable base for imports is defined as the "transaction value"--i.e., "the price actually paid or payable for imported goods." The findings of the study support the argument that trade liberalization in the form of lower tariffs will reduce the incidence of underinvoicing.transaction value

The Effects of Shifting to Transaction Value and Other Issues

This study takes off from an earlier inquiry on the effects of Home Consumption Value (HCV) valuation. It is intended to assist policymakers in examining the requirements for an effective implementation of the General Agreements on Tariffs and Trade Valuation Code (GVC). This study identifies several advantages and disadvantages under the GVC regime. Nevertheless, based on the findings of the study, the gains from implementing the GVC outweigh the potential losses as long as the legal framework and institutions for the World Trade Organization (WTO) compliance are in place.transaction value, trade sector