Valuation Method

A Valuation Method is the approach used to determine the customs value of imported goods, which is used to calculate customs duty and import VAT. The primary method is the transaction value, which is based on the price actually paid or payable for the goods. If this cannot be used, alternative methods are applied in a prescribed order, such as the value of identical goods, similar goods, or a computed or fallback value.

Correct valuation is essential to ensure that the correct amount of duties, taxes, and charges are paid on imported goods. 

 

Explore further on Customs Duty:

Watch Robert Keegan and Eve Rowles cut through the jargon and break down everything you need to know about customs duty, what it is, how it's calculated, and when it applies. Clear, practical, and straight to the point.

 

For further guidance, the Understanding Customs Duty whitepaper provides a comprehensive overview of customs duty and how it may affect your business.