The system took its name from the Latin phrase AD VALOREM (according to value of) that refers to any method of tax or customs duty levy on imported goods based on the transactional value thereof.
VALOREM is decision-support and valuation fraud control tool. The system is sustained by a dynamic database that provides the processing customs officer with the history of previous transactions on a given HS code, a country of origin, quantities, etc.
In line with the guidelines of the World Customs Organization (WCO), the system has been designed to provide the verifying officer with any useful information to make a decision concerning the declared value, and is equipped with the various valuation calculation method, as prescribed by the GATT Code of Valuation.