Customs Evaluation Systems Paperback – 18 October 2021

by Mrs. Reeta Pal (Author), Mr. Nishant Pal (Author)

The determination of the economic worth of goods that are declared for import is called Customs Valuation.It is important to have a set of standard rules for establishing the goods' value for several reasons. As a percentage of the goods value, customs duties and value-added tax (VAT), are calculated. This taks must be understood by customs officials and economic operators.Having an agreed upon and reliable measuring standard is crucial for all purposes.Analyse of economic and commercial policiesApplication of commercial policy measuresProper collection of import duties, taxes, andStatistics on import and export.The import value is one of three elements of taxation that provide the basis for assessing the customs debt. This technical term refers to the amount of duty that must be paid.Valuation of customsIn determining the amount due in Customs Duty, it is important to consider the customs value of goods. Other factors are the origin of the goods and the type.The transaction value is the actual price paid for goods that are used in customs. This includes the invoice price and the cost of transport or insurance. This includes all other payments that were made or are due for imported goods.Methods of valuationSix methods of valuation are available in hierarchical order. You can use method 1, transaction value, if method 2 (value of the transaction) is not available. The next method should be used.The transaction value method.The transaction value for identical goods.The transaction value for similar goods.The deductive method.The calculated method.The residual valuation provisionFor more information, please refer to the customs manual for valuation.Valuation indicatorsInformation about factors that could influence the price must be included in the customs declaration. The declaration should indicate if the seller and buyer are related. This information should be entered into Data Element 4/13 of the Automated Import System

Product details

• ASIN ‏ : ‎ B09JRFSVD3

• Language ‏ : ‎ English

• ISBN-13 ‏ : ‎ 979-8499232408