The Minister of Finance has lauded the customs administration for taking steps to value imported goods in terms of the provisions of the World Trade Organisation (WTO) on Customs Valuation adopted in 1994. Louis Paul Motaze, who was on a working visit in the port city, was speaking at the opening of a knowledge- building seminar on the mastery and control of the customs value in Bonapriso February 25. Government invited experts from other African countries to the International Monetary Fund (FMI) seminar to help show Cameroon customs officers the techniques of control and verification of customs value.
The customs value of imported goods is determined mainly for the purposes of applying ad valorem rates of customs duties. It constitutes the taxable basis for customs duties. According to World Customs Organisation (WCO), “It is also an essential element for compiling trade statistics, monitoring quantitative restrictions, applying tariff preferences, and collecting national taxes.
Today, almost all customs administrations of the current 161 WTO Members value imported goods in terms of the provisions of the WTO Agreement on Customs Valuation (adopted in 1994).
This Agreement establishes a customs valuation system that primarily bases the customs value on the transaction value of imported goods, which is the price actually paid or payable for the goods when sold for export to the country of importation plus certain adjustments of costs and charges.
Currently more than 90% of world trade is valued on the basis of the transaction value method which provides more predictability, uniformity and transparency for the business community.” Edwin Fongod Nuvaga, General Manager of Customs, said “the idea is for us to be able to uncover fake invoices. That is the major challenge.”