Customs
Declared value
The value of goods stated on a customs declaration, used as the basis for calculating import duties and taxes.Customs value is normally the transaction value — the price actually paid for the goods, adjusted for freight, insurance and other costs depending on the Incoterm agreed. Undervaluing goods to reduce duty is a customs offence, and authorities can reassess the value using the WTO valuation methods.
Frequently asked questions
- How is customs value determined?
- It is usually the transaction value (the price paid), adjusted for transport and insurance costs according to the WTO Customs Valuation Agreement.
- What happens if the declared value is too low?
- Customs can adjust the value, charge additional duty, and impose penalties for undervaluation.