The new "Customs Management Act 2011", enacted in December 2011 was designed to comply with the WTO rules, in particular the Agreement on Implementation of Article VII of the GATT 1994 ("Customs Valuation Agreement"), including the Interpretative Notes.
Prior to the introduction of the WTO GATT Valuation Agreement , Seychelles was using the Brussels Definition of Value ( BDV )for the assessment of undervaluation of goods. The BDV valuation principles put the onus on the importer of proving the true valuation of goods and to provide any documentary evidence he may possess in support thereof.
Contrary to BDV, GATT Valuation shifts the onus on Customs Administration to establish the true and accurate value of the goods by following the predetermined methods as stipulated in the GATT Valuation Agreement.
The "Customs Management (Valuation of Goods) Regulations 2014" which repealed and replaced the BDV valuation came into effect in June 2014 as an implementing regulation under the CMA 2011, covering customs valuation.
The valuation method as stipulated in the WTO Customs Valuation Agreement is contained in the consolidated "Customs Management Regulations, 2014" (S.I. 42 of 2014) under the "Customs Management Act 2011", specifically regulations 3 to 17.