Declaring the correct value of goods is critical to the customs entry process. By law (19 U.S.C. §1484), the importer is responsible for using reasonable care to enter, classify and value imported merchandise, and for providing information necessary for Customs to properly assess duties, collect trade statistics and determine whether all other applicable legal requirements have been met.
The use of the incorrect basis of valuation, or the omission of additional payments or the value of an assist can result in the assessment of increased duties and the imposition of penalties against the importer.
There are several methods of valuing imported goods, such as transaction value, deductive value, and computed value. In addition, there can also be additions to the value of imported merchandise for indirect payments, assists, and commissions that are not included in the selling price.
Braumiller Law Group assists importers to determine the correct declared value for merchandise and avoid costly penalties. In addition, importers can achieve significant savings by reductions in duty through the revaluation of imported goods.
Braumiller Law Group also assists importers in the preparation and submission of binding rulings to Customs to confirm the correct basis of valuation of merchandise, and, if the merchandise is subject to a post importation value increase, challenge that increase though the administrative protest procedure. We litigate value issues before the Court of International Trade whenever necessary to ensure that our clients are treated fairly by Customs.
Additional information on Customs valuation can be found by clicking on any of the following topics:
Customs Valuation Statute (19 USC § 1401a, 1500, 1502)
Customs Valuation Regulations - 19 CFR:
- §152.100 Interpretative notes
- §152.101 Basis of appraisement
- §152.102 Definitions
- §152.103 Transaction value
- §152.104 Transaction value of identical merchandise and similar merchandise
- §152.105 Deductive value
- §152.106 Computed value
- §152.107 Value if other values cannot be determined or used
- §152.108 Unacceptable bases of appraisement
- Customs Informed Compliance on Customs Value
- Customs Encyclopedia of Valuation (pdf)
- Customs Informed Compliance Handbook on Buying and Selling Commissions
- Customs Handbook on Bona Fide Sales & Sales for Exportation
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