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Binding valuation information (BVI): Enhancing transparency in EU customs valuation.
Customs valuation plays a crucial role in international trade, determining the duties, VAT, and tariff quotas applicable to imported goods. However, navigating the complexities of customs valuation and transfer pricing in the EU has long been a challenge for businesses. To address this issue, the European Commission has introduced Binding Valuation Information (BVI) decisions, aimed at increasing legal certainty and transparency. This article explores the significance of BVI, its relationship with existing binding information decisions, and its impact on economic operators within the EU.