Mathias Georges, Product Director for Webb Valuation
Hello all, and welcome to my blog post, in which I will highlight the importance of valuation and classification in customs processes and discuss what a powerful tool like Webb Valuation can provide to customs administrations and economic operators.
Customs valuation and classification are essential aspects of international trade regulation. They ensure the accurate determination of duties and taxes while promoting consistency and transparency in trade practices. Customs valuation involves assessing the dutiable value of imported goods for customs purposes, which directly impacts the calculation of duties and taxes and thus influences trade transaction costs.
On the other hand, classification involves categorising goods based on predetermined criteria such as their nature, composition, function, or intended use. Each item is assigned a specific classification code or tariff code from a globally recognised system: the Harmonised System (HS). This standardised classification system ensures uniformity in goods identification for Customs procedures across different jurisdictions and enables the determination of Duties and Tax rates applicable to imported goods in relevant Customs territories. Accurate classification is crucial for determining applicable customs duties and taxes and regulatory compliance, compiling trade statistics, and assessing risks by customs authorities.
Both customs valuation and classification are vital in promoting fair trade practices, facilitating efficient customs clearance processes, and ensuring compliance with international trade regulations.
Now that we've covered the ABCs of valuation and classification, let's dig deeper into Webb Valuation, Webb Fontaine's valuation and classification solution, and how it changes the game in customs and trade.
Webb Valuation is Webb Fontaine's solution for customs valuation and classification. It's a web-based solution enabling a fast and accurate assessment process for goods crossing borders. This application equips customs officers with advanced tools to perform various tasks such as price verification for customs valuation purposes, classification, fraud reporting, quality checking, case management, or physical inspection supported by a risk engine and AI-based services for partial or full automation.
Benefits of Webb Valuation for Governments
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1. Secures Customs revenues and reduces fraud
Webb Valuation integrates product databases, data analytics tools, and AI technologies to ensure accurate valuation and classification of imported goods and simplifies the detection of potential revenue losses.
Our in-house-built AI solutions, trained with millions of data, verified and cleaned up by Valuation and Classification experts, ensure a high level of accuracy in automated and assisted processes.
The fully dematerialised valuation and classification process in Webb Valuation and the implementation of automatic controls in customs systems ensure independent and data-driven decisions by valuation experts, reducing fraud risks.
2. Speeds up the clearance process
Either triggered before or after the customs clearance process, valuation and classification processing time in Webb Valuation is optimised by several features such as auto-classification, smart evidence suggestions, automatic task allocation, or risk-based prioritisation.
3. Ensures conformity with international regulations
Designed to comply fully with international standards and agreements, Webb Valuation ensures conformity with the WTO Agreement on Customs Valuation recommendations, General Rules of Interpretation of the WCO Harmonised System, the WCO Data Model, etc.
4. Promotes compliance and improves business climate
Webb Valuation integrates a risk assessment engine defining transaction-based levels of control and facilitating compliant operators to support a fair trade environment.
5. Provides access to real-time statistics
The reporting module integrated into Webb Valuation provides selected users with detailed and real-time operational and financial information to easily monitor speed, quality, or savings globally or individually.
Benefits of Webb Valuation for Economic Operators
1. Reduces administrative burden
The process is fully digitalised, covering everything from pre-declaration submission to the valuation and classification report of findings, including online query responses and amendment request submissions.
2. Reduces clearance time
Whether through pre-declaration or post-clearance verification, Webb Valuation ensures a faster verification process that functions independently of the actual customs declaration process.
3. Improves business environment
Webb Valuation's risk-based verification system expedites the process for compliant operators while ensuring fair reassessment of fraudulent transactions, thereby supporting a healthier business environment.
Thanks for reading my blog post about how Webb Valuation can help governments and economic operators. If you have any questions or if you would like to know more about our solution or request a demo, feel free to get in touch with me via our web page.
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About Webb Fontaine
Webb Fontaine is revolutionising international trade by empowering governments and communities with technology powered by AI. We offer comprehensive solutions across the trade spectrum, ranging from risk management to customs systems, single window, and beyond. Webb Fontaine is headquartered in Dubai, UAE with a presence across Europe, Middle East, South America, Asia and Africa.
