Customs Value
A customs value is the value of the imported goods on which duties will be assessed. The customs value is determined using the transaction value method, which means that it is generally the price actually paid or payable for the goods when sold for export to the country of importation, adjusted in accordance with certain provisions of the WTO Valuation Agreement.
The customs value has an important impact on the amount of duty that will be levied on imported goods, and it is, therefore, important to ensure that it is correctly determined.
There are a number of methods that can be used to adjust the transaction value, including adding or subtracting:
– the cost of transport and insurance to the place of importation;
– customs duties and taxes payable in the country of importation;
– any commission or brokerage fees paid in connection with the sale;
– the value of any packing, marking, or container charges.
However, it should be noted that these adjustments cannot result in a customs value that is less than the actual import value.
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