Question 1

What does Customs Value mean?

Accepted Answer

Customs value (also called dutiable value) is the value used as the basis for calculating customs duty. In most jurisdictions it is the transaction value — the price actually paid or payable for the goods — plus adjustments. The EU and UK use the CIF value (transaction value plus insurance and freight to the point of entry). The US generally uses the FOB value (transaction value at the port of export). If the transaction value cannot be used (e.g. related-party sales), customs may apply alternative methods such as deductive or computed value.

Question 2

Dutiable value?

Accepted Answer

Customs value (also called dutiable value) is the value used as the basis for calculating customs duty. In most jurisdictions it is the transaction value — the price actually paid or payable for the goods — plus adjustments. The EU and UK use the CIF value (transaction value plus insurance and freight to the point of entry). The US generally uses the FOB value (transaction value at the port of export). If the transaction value cannot be used (e.g. related-party sales), customs may apply alternative methods such as deductive or computed value.

Question 3

Assessed value for duty?

Accepted Answer

Customs value (also called dutiable value) is the value used as the basis for calculating customs duty. In most jurisdictions it is the transaction value — the price actually paid or payable for the goods — plus adjustments. The EU and UK use the CIF value (transaction value plus insurance and freight to the point of entry). The US generally uses the FOB value (transaction value at the port of export). If the transaction value cannot be used (e.g. related-party sales), customs may apply alternative methods such as deductive or computed value.

Customs Value

Use this in practice

More customs terms

Stop looking up terms. Start classifying products.