Customs Valuation
/ˈkʌstəmz ˌvæljuˈeɪʃən/
Definitions
- (n.) The process and method used to determine the value of imported goods for the purpose of assessing customs duties and taxes.
Accurate customs valuation ensures correct duty payments on imported merchandise.
Forms
- customs valuation
Related terms
See also
Commentary
Customs valuation is governed by international agreements such as the WTO Valuation Agreement and involves various valuation methods beyond transaction value, requiring careful documentation to avoid disputes.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.