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Sri Lanka Customs is geared to implement the WTO Agreement on Valuation of Imported Goods. WTO Valuation Agreement will be incorporated into the Sri Lanka law by a Customs (Amendment) Act of 2002 which will be passed by parliament shortly. "The draft bill to amend the Customs Ordinance to accommodate this implementation is now before Parliament," said S.A.C.S.W.Jayathilaka, Director General of Sri Lanka Customs at the opening ceremony of the seminar on Implementation of WTO Agreement on Customs Valuation at the Mahapola Training Institute last week.

Importers of Goods will immensely benefit from the Customs implementing this agreement as the arbitrary valuing of Imported goods have been a key Deterrent factor blocking the Trade growth in this country, he said.

The seminar was organised by the Association of Clearing and Forwarding Agents (ACFA) in collaboration with Sri Lanka Customs where over 250 Customs House Agents (Cargo Clearing Agents/Customs Brokers), Importers and their Representatives participated. The sessions were conducted by the resource personnel from the Sri Lanka Customs.

The salient feature of the New WTO Agreement on Customs Valuation is that it takes away the impose of Arbitrary Valuation of Imported Goods which under the previous Brussels Definition of Value (BDV) gives discretionary and outrageous power to Customs Officers to determine value what is called a notional concept termed as normal value.

WTO Customs valuation is more a realistic concept and more a transaction based determine of Customs value, he said.

M.R.Rajmohan, Superintendent of Customs speaking on "Laws related to Customs Valuation (New Amendment) said that the new law would consists of few amended sections and several new sections will also be added.

In addition new regulations will be published to incorporate, the interpretative rules made for the rules of valuation in to the law. "The new law while giving assurance of faster clearance of goods, would place much responsibility on the importer and other connected persons. They are required by law to retain all the connected records for a period of three years during which if need arises they will be audited by the customs, a novel feature in the draft law," Rajmohan said.

He added that the new procedure ensures trade facilitation while government machinery is expected to track down unscrupulous importers who intend to misuse this gesture. A heavy burden is cast on the Customs to strike a balance between a revolutionary trade facilitation program and the expected enforcement mechanism.

The key resource personnel of Sri Lanka Customs, M.Ravindra Kumar spoke on the subject of " Principle of Valuation under WTO Valuation Agreement.

M.R.Rajmohan on "Laws related to Customs Valuation (New Amendment) M.Puviharan on " Procedure related Customs valuation", Sudatta Silva on " Value declaration form", R.P.Hewagama on " Concept of Port Clearance Audit and Responsibilities of the Importers and other Institutions".

A panel discussion was also held under the Chairmanship of Dr.Neville Goonewardena Chairman of Valuation Task Force and Director of Customs and the Panel included in addition to the Resource personnel A.K.Dharmadasa Director of Customs - Valuation and Z.A.M.Jazeel Deputy Director of Customs and Head of the Customs Legal Affairs Unit.

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