The Court of Justice of the European Union (CJEU) has delivered important guidance on how traders should handle provisional pricing in customs declarations. The case arose from Tauritus (Case C‑782/23), a Lithuanian importer of fuel, which declared provisional prices at import, later subject to adjustment once the final price was determined by contract. Key Findings For…
Transfer Pricing and Customs Valuation are two fundamental parts of managing cross-border inter-company transactions. It is a central part of business operations. Yet, these two valuation methods can conflict with each other resulting in challenges with customs authorities or tax authorities. In this article, we’ll explore how transfer pricing and customs valuation intersect. In particular, we’ll look at why understanding both…
Customs Valuation: A Strategic Approach to Optimise Duty Costs and Ensure Compliance Customs Valuation is a critical process in international trade. It determines the value of imported goods for the purpose of assessing customs duties and taxes. Customs valuation provides the taxable base for import duties and taxes. It therefore directly impacts your bottom line by influencing the cost…
The UK post-Brexit Customs Code dealing with Customs valuation has been updated. The updates covers the type of evidence required to support the determination as well as the use of a method of valuation.
