GLOSSARY

Value for Duty

The value of an import declared to the customs upon which customs duty will be calculated.

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What is Value for Duty?

Value for duty (VFD) is the value used to calculate the amount of duty owed on imported goods. The VFD is decided by the customs authority officials of the importing country, and it depends on the transaction value of the goods, adjusted for specific factors.

The transaction value of the goods is the price actually paid or payable for the goods, including the freight and insurance costs. The VFD can be adjusted for specific factors.

Some of the factors that can affect the VFD includes:

Type of goods being imported
Country of origin of the goods
Terms of sale
Value of the goods
Freight and insurance costs

In the United States, VFD is more commonly referred to as a ‘Customs Value’ or ‘Transaction Value’.

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