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Value for Duty

What value should be declared for international transactions?

The value for duty is the value used to calculate the duties and/or taxes paid or payable by importers on their imported merchandise - World Trade Organisation (WTO) has adopted the Customs Valuation Code to ensure uniform application amongst member countries. There exist numerous methods by which to determine the value for duty of imported goods. The primary method being the transaction value method wherein the value for duty is based upon the price paid or payable for the imported goods, subject to certain additions and/or deductions (transportation, commissions, export packing, royalties and license fees…).

Protect yourself!

  • The value for duty is one of the data elements that customs officials consistently verify for accuracy.
  • Penalties can be assened in the event of either under- or over-evaluation of your imported goods
  • Obtain confirmation of the value for duty of your imported goods from the American Customs authorities (U.S. Binding Ruling), in order to protect yourself from the assessment of additional duties, accrued interest and/or penalties action.

Our experts can analyze, review and determine the value for duty of your imported goods.

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