Customs valuation
Customs valuation: methods used by customs authorities to allocate a value to imported goods for the purpose of striking the correct import duty. The WTO Agreement on Implementation of Article VII [customs valuation] of the General Agreement on Tariffs and Trade 1994 aims to set out a fair, uniform and neutral system for the valuation of goods that precludes the use of arbitrary or fictitious customs values. The basic rule is that the customs value of imported goods in the case of unrelated parties is the transaction value, i.e. the price actually payable for the goods when sold for export to the importing country. Freight, packaging, commissions, goods and services supplied to the buyer free of charge and
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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