Study Guide
5. Transparency in the administration of Customs valuation
5.4. Declaration of value
Many national Customs administrations use a valuation declaration form as an important transparency measure. A Value Declaration is a separate declaration by the importer or their agent covering the facts relating to the imported goods. It gives Customs a complete picture of the terms of sale, including the nature of the transaction, payment terms, costs to be adjusted, and costs to be deducted.
A Value Declaration is also used to obtain information on value elements not shown on the invoice - for example, transport and insurance costs, royalties, and "assists." A key function of the form is to act as a checklist for both Customs and the importer. Advantages include:
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01 Certified accuracy The importer or agent must certify the truth and accuracy of all information presented. |
02 Faster clearance All transaction facts are at the disposal of Customs, enabling more rapid processing. |
03 Separate supporting data Supporting data may be kept separately and made available for Customs review when required. |
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04 Evidence of noncompliance The document serves as important evidence where noncompliance is determined. |
05 Self-assessment support Reinforces the self-assessment system by placing accountability with the declarant. |
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A valuation declaration may not be required in all cases. Some administrations require it for each supplier; others require it only when Customs specifically requests it.