International and Technical Rules

Question 1

Three key elements to determine customs value

Answer 1

Invoice Value,
HS code - Tariff classification
Origin

Question 2

Why is the invoice value so important?

Answer 2

Most customs duties are levied “Ad Valorem” meaning based on the value of goods concerned.

Question 3

What is WTO Valuation Agreement?

Answer 3

A fair, neutral system for valuing goods.
where possible, valuation should be on the transaction value.

Question 4

When did WTO Valuation agreement come in to affect? AKA the GATT Valuation Code

Answer 4

1981

Question 5

GATT article for determining customs value?

Answer 5

GATT VII

Question 6

If no trade agreement is in place between UK and other country, what rules are applied?

Answer 6

WTO Rules

Question 7

WCO technical Committee Customs valuate 5 x guidance topics

Answer 7

Advisory Options,
Commentaries,
Explanatory Notes,
Case Studies,
Studies

Question 8

1 x primary method for customs valuation

Answer 8

TV - Transaction Value - Used in 95% of cases

Question 9

5 x secondary methods of customs valuation

Answer 9

TV of identical goods
TV of similar goods
Deductive Method
Computed Method
Fall-back Method

Question 10

the 6 methods of customs valuation are move through sequentially except for?

Answer 10

Methods 4 and 5, Computed and Fall-back method at the request of the declarant

Question 11

1 x goods type where the 6 x methods are not use

Answer 11

Fresh fruit, veg and flowers uses method 4A - Account sales procedure