Increase revenues with Webb Valuation

Let’s explore Webb Valuation

What is valuation and classification?

Customs valuation and classification are essential components of international trade regulation, ensuring the accurate determination of duties and taxes while promoting consistency and transparency in trade practices. Customs valuation involves assessing the value of imported goods for customs purposes, which directly impacts the calculation of duties and taxes imposed on these goods, thus influencing trade transaction costs.
 
Classification, on the other hand, involves categorising goods systematically based on predetermined criteria such as their nature, composition, function, and intended use. Each item is assigned a specific classification code or tariff code from a globally recognised system like the Harmonised System (HS). This standardised classification system ensures uniformity in trade documentation and customs procedures across different jurisdictions. Accurate classification is crucial not only for determining applicable customs duties and taxes but also for 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.

How does it work?

Webb Valuation is Webb Fontaine's web-based solution for customs valuation and classification. It enables a fast and accurate assessment process for goods crossing borders. This application equips customs officers with advanced tools to perform various tasks such as customs valuation, classification, fraud reporting, quality checking, case management or physical inspection supported by risk engine and AI-based services for partial or full automation.