The final touch: Binding Valuation Information completes the foundations of advanced rulings

In addition to the Binding Origin Information (BOI) and Binding Tariff Information (BTI) advanced rulings, last month the EU gave the green light on a third pillar of advanced ruling in the EU. The Binding Valuation Information (BVI) ruling will provide binding decisions for valuation, giving the holder legal certainty over the customs value of the product it pertains to and easing import and export formalities covered by that decision. Furthermore, it helps customs authorities unify and streamline processes of legitimate traders and manage potential risks. Set to be introduced in December 2027, there is still quite a bit of time before the agreement will take effect. Nevertheless, it gives us a chance to take a deeper dive into the origin of the advanced rulings.