On 23 October 2024, the World Customs Organization (WCO) advised that the Technical Committee on Customs Valuation (TCCV) had held its 59th Session in Brussels from 14 to 18 October 2024, chaired by the People’s Republic of China, with the participation of around 45 delegations.
The session was preceded by a three-week online discussion phase on the WCO CLiKC! The platform enabled delegates to exchange views on specific technical questions, establishing a solid foundation for the subsequent discussions at the in-person meeting.
During the 59th TCCV Session, nine specific technical questions related to emerging challenges in Customs valuation were addressed, including transfer pricing, e-commerce, and cryptocurrency. Additionally, the Technical Committee agreed to include four new questions submitted by WCO member administrations on the agenda for its next session.
One key outcome of this session was the completion of the examination of the technical question regarding the “Treatment applicable to transactions agreed in cryptocurrencies not recognised as legal tender”. The Technical Committee adopted a new instrument – Advisory Opinion 26.1.
This landmark instrument tackles evolving issues concerning digital assets that impact supply chain management. As these assets are designed to serve as forms of money used for the settlement of payment obligations, among other functions, they raise significant Customs valuation issues, which are the main focus of Advisory Opinion 26.1. This marks the 101st instrument adopted by the TCCV.
The Advisory Opinion will be submitted for approval to the WCO Council during its June 2025 sessions.
