Customs Valuation

Customs valuation in Global Commerce Policy

In this regard, customs valuation is: methods used by customs authorities to allocate a value to imported goods for the purpose of striking the correct import duty. The WTO Agreement on Implementation of Article VII [customs valuation] of the General Agreement on Tariffs and Trade 1994 aims to set out a fair, uniform and neutral system for the valuation of goods that precludes the use of arbitrary or fictitious customs values. The basic rule is that the customs value of imported goods in the case of unrelated parties is the transaction value, i.e. the price actually payable for the goods when sold for export to the importing country. Freight, packaging, commissions, goods and services supplied to the buyer free of charge and some other costs may be added to the customs value. The Agreement also sets out the measures that may not be used to establish a value. These include, for example, minimum customs values, the price of goods on the domestic market of the exporting country, the selling price of goods produced in the importing country, a system which provides for the higher of two values, etc. The entries on trade policy are here. If there are suspicions that the transaction value is false, customs authorities may determine the value by going sequentially through five options: (a) the value of identical goods, (b) the value of similar goods, (c) the imported price of identical or similar goods less applicable deductions for costs, (d) computed value and (e) if none of these methods work, other reasonable means may be used. The entries on trade policy are here. Additional considerations apply where the importer and exporter are related entities.[1]

Customs valuationin the wold Encyclopedia

For an introductory overview on international trade policy, see this entry.

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Notes and References

Dictionary of Trade Policy, “Customs valuation” entry (OAS)

Hierarchical Display of Customs valuation

Trade > Tariff policy > Customs regulations
Trade > Trade > Trading operation > Import

Meaning of Customs valuation

Overview and more information about Customs valuation

For a more comprehensive understanding of Customs valuation, see in the general part of the online platform.[rtbs name=”xxx-xxx”]

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Translation of Customs valuation

Thesaurus of Customs valuation

Trade > Tariff policy > Customs regulations > Customs valuation
Trade > Trade > Trading operation > Import > Customs valuation

Customs Valuation

Customs Valuation