What value should be declared for international transactions?
The value for duty is the value used to calculate the duties
and/or taxes payable by importers on their imported merchandise.
The World Trade Organisation (WTO) has adopted the Customs
Valuation Code to ensure uniform application amongst member
countries. There exist numerous methods by which to determine
the value for duty of imported goods. The primary method being
the transaction value method wherein the value for duty is based
upon the price paid or payable for the imported goods, subject
to certain additions and/or deductions (transportation,
commissions, export packing, royalties and licence fees…).
- The value for duty is one of the data
elements that customs officials consistently
verified for accuracy.
- Penalties are provided for in the
event of incorrect valuation of your imported goods.
- Depending on the country of
importation, obtain confirmation of the value for duty of your
imported goods from either the Canadian (National Customs
Ruling) or the U.S. Customs authorities (U.S. Binding Ruling),
in order to protect yourself from the assessment of additional
duties, accrued interest and/or
Our experts can analyse, review and
determine the value for duty of your imported goods.
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