Customs Valuation - What is it worth?
For almost all goods, customs duty is payable at the point of import based on the transaction value of those goods. For most importers, this means the invoice price, as evidenced by the commercial invoice from the supplier. However, what many importers don’t realise is that the invoice price can often include a number of non-dutiable elements, which results in many businesses overpaying customs duty without realising, for example:
A review by our customs consultants of your customs valuation and in some cases, transfer pricing policies can often result in opportunities to reduce the customs duty payable at import.
- buying commissions
- post import construction charges
- certain financing charges
- in some cases, royalty payments
- assists
- design work
- certain royalty payments
- insurance
- commissions other than buying commissions
A review by our customs consultants of your customs valuation and in some cases, transfer pricing policies can often result in opportunities to reduce the customs duty payable at import.