customs value

  

Definition

Value of imported goods as appraised by the customs and used as the basis for assessing the amount of import duty and other taxes. It may be computed in several ways, but the most-preferred method is transaction-value which (in addition to the price paid by a buyer to a seller) includes other costs incurred by the buyer, such as packing costs, license fee or royalty, and any other sum(s) that accrue to the seller. It is the customs officer (and not the importer, exporter, or customs broker) who has the final say in assigning this value. Also called customs import value.

Use customs value in a sentence

  • I wanted to know the exact customs value because I was interested in that area and juvt needed to know.

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  • I sent my mother-in-law three expensive dresses that were worth $300 each for her birthday; because I was shipping to another country, I had to enter a customs value of $900 at the UPS store.

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  • In order to project the business's possible tax expenditures for the coming season, the accountant needed to affirm the customs value of a number of items the company routinely shipped overseas.

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