Value of a shipment as declared by its shipper to serve as the basis for computation of duties and taxes. It usually reflects the selling or the replacement price of the shipment, and is equal to or higher than the declared value for carriage.
People also ask, what is customs valuation?
Customs valuation is the process where customs authorities assign a monetary value to a good or service for the purposes of import or export.
What is the value for duty?
A value for duty must be declared for all goods imported to Canada. Regardless of the circumstances of your importation, you must establish a value for duty, also referred to as a customs value, according to the valuation provisions of the Customs Act. transaction value of identical goods.
What is the meaning of transaction value?
Transaction Value Defined. 1. The transaction value is determined by ascertaining the price paid or payable for the goods when the goods are sold for export to Canada to a purchaser in Canada, and adjusting the price paid or payable in accordance with subsection 48(5) of the Customs Act.