Calculation Of Duties and Taxes
A value for duty is required for all goods imported, understanding which method by which the value for duty is determined is important because it impacts how much duty and/or tax is paid, importers need to know what costs may be deemed as an addition or deduction from the price paid for the goods.
There are six methods that may be used to determine the value for duty of imported goods, proof of which method is used is import to prove. Valuation codes are intended to be rulings for the product’s and a review of the valuation method maybe conducted during contingency audits.
Purchase of Goods 0
Product Compliance and Licensing 0
Commercial Documentation 0
Customs Trade Advisory 0
Duties and Taxes Valuation
Certain expenditures that are incurred during the purchase and sale of goods are considered additions, meanwhile others are deductions. Certain costs are dutiable, while others are non-dutiable, if they are not already included, and must be added to the price paid or payable in order to arrive at the value for duty.