GLOSSARY

Customs Value

The total value of all goods, including any cost of shipping and insurance, upon which customs duties will be assessed.

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What is Customs Value?

Customs value is the value of goods for the purposes of customs clearance. It’s used to determine the amount of import duties and taxes required to be paid on the goods.

Some of the key factors that affect the customs value of goods includes:

Price of the goods in the country of export/origin
Transportation and insurance costs
Value of any assists (a material, tool, or appliance that’s supplied by the buyer free of charge or at a reduced price for use in the production of the imported goods)
Production cost
Profit amount that’s considered reasonable

The value of an import should be present on various documents needed for customs entry. It’s crucial for these to be accurate to avoid under or overpaying on duties.

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