Value of Duty
Value for Duty is the value used to calculate the duties or taxes payable by importers on their imported merchandise. There are many ways to determine the value of goods. One way is the transaction value method, where the value of the duty is based upon the price paid for the imported goods, subject to certain additions or deletions (transportation, export packing, license fees, etc.).
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The value for duty is one of the data elements that customs officials consistently verify for accuracy.
Penalties are provided for in the event of either under- or over-evaluation of your imported goods
Depending on the country of importation, obtain confirmation of the value for duty of your imported goods from either the Canadian (National Customs Ruling) or the American Customs authorities (U.S. Binding Ruling), in order to protect yourself from the assessment of additional duties, accrued interest and/or penalties
Our experts can analyse, review and determine the value for duty of your imported goods.