The price is not always right when it comes to valuing imported goods Regardless of whether the imported goods incur customs duty, undervaluation of imported goods, including a failure to disclose post importations adjustments to the price, may result in penalties, as detailed by Leonie Ferretter and Daniel Rae. Customs valuation can be technical, particularly where there are amounts required to be included in the customs value that aren’t invoiced with the goods being imported. Where the price can be used as the basis for the customs value, the legislation requires certain amounts to be added to the price to determine the customs value upon which duty and GST is levied. These amounts may include (but are not limited to): changes to the price, for example, post-importation transfer pricing... Sign in below or register now to read the full article |
Authors: Leonie Ferretter, Daniel Rae Published Date: 25 May 2022 |
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