Study Guide

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:

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.
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.

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.