IMPORTANCE OF ACCURATE VALUATION

 Government Revenue Protection: Customs duties & taxes are a significant source of income for the government. Accurate Valuation ensures the government collect the appropriate amount of revenue on imported goods to be able to provide its services throughout the country.

 Fair Trade Practice: Accurate Valuation prevents businesses from gaining an unfair advantage by undervaluing imports and reducing their customs duty burden. This creates a level playing field for all businesses engaged in international trade.

 Trade Statistics Accuracy: Accurate Valuation allows for reliable trade statistics, which are essential for policymakers to analyze trade trends, formulate trade policies, and negotiate trade agreements.

 Combating Fraud: Undervaluation can be a method used to smuggle goods or avoid import restrictions. Accurate valuation helps customs authorities identify suspicious activity and prevent fraud.