10 / 21 Value

Module 10

This module deals with the customs value of goods imported into the EU customs territory. Since customs value is a basis for calculating duties and other import taxes, its determination is one of the key moments of customs-related activity. Incorrect determination of customs value may cause overpayment, as well as underpayment to the budget with penalties and fines. That is why customs value is crucial for both importers and customs authorities. This module will help you learn the key principles of its determination under different trading conditions, the main legal requirements you need to comply with and the main challenges you may face.

Lessons

The module consists of five lessons:

1. Introduction to customs valuation. Learn what customs valuation is and why it is so important.
2. Transaction value method. Learn about the primary method of customs valuation, an algorithm of its application and cases where it is applicable.
3. Secondary methods of customs valuation. Find out the circumstances under which each secondary method is used as well as the mechanisms of their application.
4. Customs valuation and transfer pricing adjustments. Learn what transfer pricing is and how it relates to customs valuation.
5. Post-import control. Learn what customs authorities can check regarding customs valuation even after your import procedure has been completed. Find out what you should do to be prepared for this kind of control.

Outcome

At the end of this module, you should know:

• What customs value is and why it is important to calculate it correctly;
• When and how to apply a primary method of customs valuation (the transaction value method);
• What data and conditions are required for the application of secondary methods;
• How to communicate with customs authorities when determining the customs value;
• How to apply the basic principles and methods of transfer pricing when determining the customs value of goods if their seller and buyer are related persons;
• How to meet challenges and mitigate the main risks when determining and declaring the customs value of imported goods as well as for a while after importation.

Time

Please plan to dedicate 6 hours to learning. 

Customs valuation is a source of both mistakes and opportunities. Spot mistakes in time and utilize opportunities to maximise compliance and avoid overpayment.

Monika Bielskienė