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Understanding Your Custom Value of Imported Goods

  • Writer: Info@cldeclaration.com
    Info@cldeclaration.com
  • Feb 24, 2021
  • 1 min read

Updated: Feb 25, 2021

It is important for your business to understand the methods of the custom value of your imported goods. All international trade transactions must do a valuation to form the basis of duties and taxes applied.


The transaction value (method 1) is the most common of the 6 methods to value imported goods. when a sale takes place, this value must be used. A sale is considered as a transaction if a transfer of money takes place on an "arm’s length basis".

When doing this you must take several things into account, included in this would be:

- the cost of transport, insurance and related charges up to the place of importation

- Packing and container cost and charges

- assists (tools, dies and moulds used in production or engineering, artwork and design that has taken place outside the EU)


- royalties and license fees


- subsequent proceeds

It is very important you get the right valuation of your imported goods to avoid penalties & fines. for a more detailed explanation, please read through the revenues customs manual on valuation



 
 
 

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