Understanding Your Custom Value of Imported Goods

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

https://www.revenue.ie/en/tax-professionals/tdm/customs/valuation/valuation.pdf