A good understanding of valuation matters is one of the most crucial aspects of customs compliance and customs planning. Valuing your goods effectively for customs purposes is likely to help reduce your import costs and avoid errors that may lead to additional duties and penalties.
Issues surrounding what should or shouldn't be included in the customs valuation of goods are not only one of the most misunderstood areas of customs law but also are one of the most commercially sensitive. This article will briefly highlight the issues and obligations that an importer may face with regards to customs valuation.
There are developments taking place in the US to kill off one of the classic customs planning arrangements that allows you to strips any intermediaries' profits out of a charge to duty. If successful, there is a risk of this approach spreading to other countries and impacting your landed costs.
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