Valuation Review
Declaring the correct value of goods is critical to the customs entry process. By law (19 U.S.C. §1484), the importer is responsible for using reasonable care to enter, classify and value imported merchandise, and for providing information necessary for Customs to properly assess duties, collect trade statistics and determine whether all other applicable legal requirements have been met.
The use of the incorrect basis of valuation, or the omission of additional payments or the value of an assist can result in the assessment of increased duties and the imposition of penalties against the importer.
There are several methods of valuing imported goods, such as transaction value, deductive value, and computed value. In addition, there can also be additions to the value of imported merchandise for indirect payments, assists, and commissions that are not included in the selling price.
Braumiller Law Group assists importers to determine the correct declared value for merchandise and avoid costly penalties. In addition, importers can achieve significant savings by reductions in duty through the revaluation of imported goods.
Braumiller Law Group also assists importers in the preparation and submission of binding rulings to Customs to confirm the correct basis of valuation of merchandise, and, if the merchandise is subject to a post importation value increase, challenge that increase though the administrative protest procedure. We litigate value issues before the Court of International Trade whenever necessary to ensure that our clients are treated fairly by Customs.
Additional information on Customs valuation can be found by clicking on any of the following topics:
- Customs’ Valuation Statute (19 USC § 1401a, 1500, 1502)
- Customs’ Valuation Regulations
19 CFR
- §152.100 Interpretative notes.
- §152.101 Basis of appraisement.
- §152.102 Definitions.
- §152.103 Transaction value.
- §152.104 Transaction value of identical merchandise and similar merchandise.
- §152.105 Deductive value.
- §152.106 Computed value.
- §152.107 Value if other values cannot be determined or used.
- §152.108 Unacceptable bases of appraisement
- Customs Informed Compliance on Customs Value
- Customs’ Encyclopedia of Valuation (pdf)
- Customs’ Informed Compliance Handbook on Buying and Selling Commissions
- Customs’ Handbook on Bona Fide Sales & Sales For Exportation
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We are proud to be a member of IR Global (the International Referral group), which offers the services of over 90,000 advisers throughout the world and is currently represented in over 155 jurisdictions covering over 70 unique practice areas. Each member of the group passes a stringent vetting procedure prior to an invitation to join to ensure specific client requirements are handled by the most highly skilled individuals in the field. Since 2010 the IR Global community has grown to over 1000 members worldwide based on the principles of friendship, trust, and a shared belief in going beyond the traditional role of the adviser.
IR Global member firms consist of the world’s highest quality boutique and mid-sized firms who service the mid-market. Firms which are focused on partner-led personal service and have extensive cross border experience. They represent the leading legal, accountancy and financial advisers, recommended exclusively by jurisdiction and practice area ensuring clients have the highest quality niche expertise available to them.
The membership of the network allows our clients to be supported with accountancy and legal services wherever they may engage in business. International Referral provides us with international reach and representation, as well as immediate access to foreign expertise and the ability to conduct cross-border projects in collaboration with other member firms to better service our clients.
For international trade law advice or to find out more about how we can help you enter and negotiate foreign markets utilizing this network, please contact bob@braumillerlaw.com
