Dubai customs develops a smart valuation system
9 May 2017
Dubai Customs updated its valuation system. The new “Smart Customs Valuation Project” will deliver more advanced services to clients to serve the vision of Dubai turning into the smartest city in the world. With this in mind Dubai Customs regularly updates and automates its processes and applications delivering an added value to its clients and reaffirming Dubai’s position as a preferred hub for investment and trade.
The updated smart valuation system will provide the most accurate valuation for imported goods using smart applications and artificial intelligence.
Fareeda Fadhil, Director - Customs Valuation Department pointed out that Dubai Customs always keeps abreast of the latest technologies to regularly update its systems and processes. Striking the balance between facilitation of trade and compliance to regulations and restrictions is key, she added.
The new project provides an automated data base of prices for all imported goods instead of relying on older data. This makes it easier to determine the customs value of imported goods and tariffs to be levied.
Fareeda added: “For importers, the process of estimating the value of a product at customs presents certain problems that can be just as serious as the actual duty rate charged. Our valuation system is fair, uniform and neutral”.