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All goods need to be valued correctly for customs purposes, whether a sales, returns, temporary movements or free of charge. The clear rules laid down in the WTO Valuation Agreement and adopted into UK law, will be explained during this practical workshop session as will the difference between intercompany pricing and customs valuation. It will illustrate how to build a price for import customs purposes and the costs that must be included and those that can be removed.
All goods need to be valued correctly for customs purposes and now all goods leaving and entering the UK need to be valued, whether it is a sale or free of charge movement. The WTO sets specific rules of valuing goods for customs purposes. In this day we will review the Articles of the WTO Agreement, the 6 Methods of Valuation and Transfer Price Agreements.
The course is fully updated to include all relevant customs procedures changes. It includes exercises and bullet point quizzes and each delegate will receive a full set of course notes, including a detailed glossary of terms.
Introduction: What is the customs value?
The Different Valuation Types: BDV, GATT/WTO Valuation Code, national variants. Link to the Trade Facilitation Agreement
Why Is Value Important In International Trade: Customs duties, statistics, and tariff and non-tariff measures.
Valuation And Customs Duties: Bound tariffs, applied tariffs, Most Favoured Nation (MFN), preferential rates, national price databases
The WTO Customs Valuation Agreement
UK Customs Valuation Regulations
UK Taxation (Cross-Border Trade) Act 2018
HMRC Guidance - Customs Notice 252
SI 1248 The Customs (Import Duty) (EU Exit) Regulations 2018
The “Transaction Price Principle”:
• Costs to be included in the Transaction value for customs purposes
• “Assists” and “adjustments”
• Costs that can be removed for customs purposes
Related Parties And Transfer Pricing For Customs Purposes: The “Arm's Length Principle”, includes comparison to transfer pricing for taxation purposes and the OECD Guidelines
Import Customs Valuation Declarations: CHIEF and CDS requirements
Valuation Methods In Detail: Other Methods 2-6:
• Comparable Value 1 - Identical Goods Price
• Comparable Value 2 - Similar Goods Price
• Deductive Method
• Computed Methods
• Fall Back Method
Valuation Dispute Settlements & Customs Verification Procedures
"Style of presenter and breakout rooms/questions to reinforce learning helped" MacTaggart Scott 24/03/2022
"Good presentation & level of detail" Emma Rayner, 3 Scott Safety, 17/11/2020
"Consideration in applying the legislation into practical scenarios" 17/11/2020