word
Customs Valuation
KUS-tumz val-yoo-AY-shun
/ˈkʌs.təmz ˌvæl.juˈeɪ.ʃən/Listen
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Syllable breakdown
Customsvaluation
Dictionary meaning
The process of determining the customs value of imported goods for the purpose of applying ad valorem tariffs; the WTO Customs Valuation Agreement establishes a hierarchy of valuation methods, with transaction value as the primary method.
Examples
- Customs valuation disputes arise when declared invoice prices are suspected of undervaluation.
- The transaction value method uses the actual price paid for goods as the basis for customs valuation.
Synonyms: import valuation, dutiable value, CIF value, FOB value
Pronunciation tips
Primary method is transaction value (what you actually paid). Six valuation methods exist in WTO hierarchy. CIF vs FOB are common valuation bases — CIF adds cost, insurance, freight.
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