What are the Methods of value of goods for customs assessment?

The value of goods for assessment purposes can vary depending on the context. Generally, in customs and taxation, goods are assessed for their value to determine duties, taxes, or other fees applicable to them. This value can be determined through various methods, including:

  1. Transaction Value: The price actually paid or payable for the goods when sold for export to the country of importation.
  2. Transaction Value of Identical Goods: If the goods being assessed are identical to goods previously imported, the transaction value of those identical goods can be used.
  3. Transaction Value of Similar Goods: If identical goods aren’t available, the transaction value of similar goods can be used.
  4. Deductive Value: The value is determined by deducting certain costs incurred after the goods arrive in the importing country from the selling price of the goods in the importing country.
  5. Computed Value: This is determined based on the computed value of the materials, fabrication, and other costs of production, plus a reasonable amount for profit and general expenses.
  6. Fallback Method: If none of the above methods can be used, customs authorities may resort to other reasonable means to establish the customs value, in accordance with the World Trade Organization (WTO) Valuation Agreement.

It’s important to note that the specific method used for valuation can vary depending on the country and the type of goods being assessed. Additionally, customs authorities may have specific regulations and guidelines for determining the value of goods for assessment purposes.

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