What is Customs Valuation?
Customs Valuation The procedure for determining the customs value of imported goods, generally based on the transaction value, for the purpose of calculating duties, taxes, and for customs compliance under WTO and WCO rules.
Source: Incoterms 2020 (ICC), FIATA, IATA DGR, WCO
How is “Customs Valuation” Used in Practice?
Customs valuation of goods must be documented in the import declaration and supported by commercial invoice and shipping documents.
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Who Needs to Know This Term?
- Freight Forwarders
- Supply Chain Managers
- Customs Brokers
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What is Customs Valuation?
The procedure for determining the customs value of imported goods, generally based on the transaction value, for the purpose of calculating duties, taxes, and for customs compliance under WTO and WCO rules.
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