WCO Implements New Trade Valuation Rules to Boost Revenue

WCO Implements New Trade Valuation Rules to Boost Revenue

The WCO Technical Committee on Customs Valuation has adopted two new advisory opinions concerning the valuation treatment of income tax in royalties and the valuation of buyer's own trademarks on imported goods. These new rules aim to enhance certainty and transparency in customs valuation, promote international trade facilitation, optimize customs revenue, and ensure the healthy development of global trade. They provide guidance on complex valuation issues, contributing to a more predictable and equitable international trade environment. The opinions seek to clarify existing valuation principles and address practical challenges faced by customs administrations and traders alike.

Crossborder Ecommerce Firms Struggle With Customs Compliance

Crossborder Ecommerce Firms Struggle With Customs Compliance

Cross-border e-commerce companies need to balance compliance and efficiency when choosing a customs clearance model. General trade clearance offers high compliance and tax refunds, suitable for bulk goods. Express customs clearance is convenient and efficient but subject to policy restrictions, making it suitable for small-batch replenishment. Companies should select the most appropriate customs clearance method based on their own business characteristics and target market policies. The optimal choice depends on factors such as shipment size, product type, and desired speed of delivery, ensuring both regulatory adherence and operational effectiveness.

WCO Launches Elearning on Python ML for Customs Modernization

WCO Launches Elearning on Python ML for Customs Modernization

The World Customs Organization (WCO) has launched a Data Quality E-Learning course to enhance data analysis skills of customs officials, ensuring data quality at the source and unlocking its value. The course covers data quality assessment, cleaning techniques, Python programming, and machine learning algorithm applications. It supports the intelligent transformation of customs departments and improves the accuracy of risk goods identification and tax revenue forecasting. The course aims to equip customs officials with the necessary skills to leverage data effectively for improved decision-making and operational efficiency.