Understanding of Customs Valuation Fraud and “Document Laundering Sample Clauses

Understanding of Customs Valuation Fraud and “Document Laundering. In view of the practices of other countries, the implementation of WTO Agreement on Customs Valuation will affect the tariff revenue to different extents. The decline of customs revenue will be more serious particularly in developing countries. China faces a serious struggle in combating price fraud after its entry into the WTO. However, I believe that by gradually improving China Customs’ law-enforcement environment and enhancing enterprises’ awareness of law and taking more effective measures in dealing with frauds, the impact on tariff revenue can be reduced to the minimum. “Document laundering” was a typical way of valuation fraud that China Customs faced. The activity refers to smugglers, in collusion with dishonest foreign businesses, concealing original documents and producing fraudulent documents. Through “document laundering”, smugglers turned high value goods into lower value goods, a high rate of duty on certain goods became a low rate, and large amounts of goods shrank to small amounts. Other forms of valuation fraud included concealing actual import costs that should be declared and devaluing imported goods. The hope is expressed that all domestic trading companies would run their businesses legally and honestly, which was essential to stop the incidence of valuation fraud smuggling from growing in China. Valuation fraud is a prominent way of illegal smuggling after China’s entry into WTO. With China’s entry into WTO, there have been some new trends in illegal smuggling activities. Especially after the implementation of “WTO Customs Valuation Agreement”, when Customs began to implement the rule of accessing Customs value on the actual transaction value, it has become a prominent way of smuggling that some xxxxxxx businessmen use valuation fraud to evade Customs duties. Valuation fraud refers to the kind of smuggling that import and export businesses, when declaring to the Customs the value of imported and exported goods, deliberately under-declare or over-declare the actual transaction value to xxxxx the responsibility of paying Customs duties or settling payment of foreign exchanges. For one example, when the customs duty rates or rates of duties at importation of the imported goods are not zero, the businesses deliberately under-declare the actual transaction value of the imported goods. The Customs value calculated according to set formula will become lower. The businesses will then pay fewer duties. For another example, if the businesses d...
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Related to Understanding of Customs Valuation Fraud and “Document Laundering

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