5.1. Currency conversion

5. Transparency in the administration of Customs valuation

Article 9 of the WTO Valuation Agreement includes two key requirements governing currency conversion in Customs valuation.

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.