Govt. Regulates Valuation Advice in Bid to Accelerate Customs Clearance Processing

With the ultimate objective of expediting the customs clearance process, [1] the Minister of Finance has issued Regulation on Procedures for Application Submissions and the Delivery of Instructions for Calculation Methods for Customs Values in the Form of Cost and/or Value Treatments for Goods to Be Imported Prior to the Submission of Customs Notifications (Valuation Advice) (“ Regulation 134/2018 ”).In essence, Regulation 134/2018 sets out a number of guidelines which address applications for valuation advice, which serves as an instruction on how to calculate customs values for goods which are to be imported. These guidelines specifically address the following matters: