Study Guide
5. Transparency in the administration of Customs valuation
5.1. Currency conversion
Article 9 of the WTO Valuation Agreement includes two key requirements governing currency conversion in Customs valuation.
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01 Publication of rates Members must publish the exchange rates used to convert values expressed in foreign currencies. |
02 Time of conversion Legislation must identify the exact moment "the act of importation" is deemed to occur. This has legal implications for which rate applies. |