Customs Authority Introduces New Invoice Valuation System to Enhance Transparency

The Maldives Customs Authority has implemented a new invoice valuation system aimed at improving transparency and reducing discrepancies in transaction values. Under the new rules, invoices submitted will undergo stricter scrutiny to ensure the declared value of goods accurately reflects their market price. This move is expected to curb undervaluation practices and bolster revenue collection. The initiative aligns with global trade agreements and standards set by the World Customs Organization (WCO). Businesses are advised to ensure compliance to avoid penalties and delays in customs clearance.