The World Trade Organization (WTO) and Custom Excise and Preventive Service (CEPS) on Monday signed an agreement on custom valuation and trade facilitation.

The agreement was signed by the WTO Consultant, Mrs. Rosenow who is in Ghana to update the knowledge of CEPS officers on the WTO Agreement on valuation, and the Deputy Trade and Industry Minister, Mr. Kwesi Osei Adjei.

Mr. Owusu Adjei said valuation has always been an essential component of all modern tariff systems. "Indeed valuation impacts heavily on the mobilization of tax revenue and trade facilitation."

Mr. Adjei said countries acceding to the WTO Agreement have been requested to implement all articles relating to valuation. And fortunately against all odds, Ghana began implanting the Agreement in April 2000.

He said in Ghana, concerns have been raised about revenue leakage through under-invoicing and presentation of fake invoices and there is concern that the system of valuation lends itself to abuses, thereby jeopardizing national revenue.

He said the major benefit to Ghana, however, has been the achievement of simplified customs procedures and expeditious clearance of goods. Also, the ability to bring the Customs Administration closer to the trading institution in this era of trade liberalization and trade facilitation.

The Commissioner of CEPS, Mr. I.K. Opoku-Ntiamoah said valuation is at the centre of revenue collection, hence the importance of a system that is fair, uniform, neutral and transparent. "Ghana has adopted the WTO Valuation to ensure fairness to the importer while maximizing revenue collection," he said.

He said the seminar would enable CEPS officers to resolve issues in implementing the valuation with special reference to trade facilitation and maximization of tax revenue.