The Agreement on Customs Valuation

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Customs officials assess the amount of duties to be levied on imported products in light of the economic origin of the products, their nature or classification and, normally, their value.1 Origin for preferential purposes is governed by fairly stringent criteria.2 Classification offers some limited opportunity for the exercise of discretion.3 Valuation is the most plastic of the three determinations and the one most prone to fraud, administrative arbitrariness and prolonged error.

Duty is normally calculated on an ad valorem basis, as a percentage of the dutiable value. For a minority of products, duty is based on quantity or weight (e.g., two cents per pound), rather than value, when it is known as a specific rate duty.
See Chapter 15 of this book.
See Chapter 36 of this book.