Customs Valuation System
Customs valuation refers to the appraisal of the value of imported goods in order to assess the amount of Customs duties at ad valorem rates. The Customs Tariff Law stipulates rules and methods for Customs valuation in accordance with the WTO Customs Valuation Agreement (the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade 1994).
Generally, the appraised value of imported goods is the transaction value of the goods. In the case that the goods cannot be appraised on the basis of transaction, the following secondary bases are considered in order:
- Transaction value of identical or similar goods
- Computed value based on the domestic selling prices or the production costs of those goods.
- Values determined by other methods
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