Bermuda has adopted the World Trade Organisation (WTO) Valuation Agreement as the basis for determining the customs value of goods imported into the Island.

The new regulations come into effect on April 1 and will be used by the Customs Department to determine how much duty to levy on importers.

In a press release Government said that most people will notice little if any difference in the duty they pay on items.

Under the new regulations the cost of items can be determined by six different methods.

Government said these new methods ?provide importers with a single system that is fair, uniform and neutral for the valuation of imported goods for Customs purposes, conforming to commercial realities and, outlawing the use of arbitrary or fictitious Customs values.?

In preparation for the commencement of the new valuation rules, the Customs Department is hosting a series of Industry Information Meetings providing an overview of the new valuation rules and including a questions and answers session. To sign up for an Industry Information meeting telephone 295-4816 x244.

A Customs Valuation Unit has also been formed to maintain a close working relationship with the importing public and Customs Officers. Officers of the Customs Valuation Unit will furnish information and advice on questions concerning the valuation of imported goods as requested by importers. The unit will also have responsibility for examining specific technical problems arising from the day-to-day administration of the customs valuation rules, and will provide technical assistance to Customs Officers as required.

A Customs Public Notice (No.18) entitled ?Customs Valuation Rules? will be issued when the rules take effect. This notice gives the legal background and detailed guidance to importers on how to value imported goods for duty calculation purposes. There is also advice on where to get help with valuation issues. For general advice regarding the proper valuation of imported goods the public is invited to contact the Customs Department by e-mail at customsgov.bm or by telephone at 295-4816 ext. 280.

*The actual value of the goods

*The transaction value of identical goods

*The transaction value of similar goods

*The deductive value method

*The computed value method

*The fall-back method