Simplified customs value determination
Also called: Article 73 UCC simplification · valuation simplification
An EU authorisation that allows certain amounts forming part of customs value, which cannot be quantified at the time of acceptance, to be determined on the basis of specific criteria, such as an estimate later trued up. It is often used for royalties or transfer pricing adjustments.
In practice
This authorisation avoids having to amend each declaration individually when value elements are only known later.
EU
UKRelated terms
- Transfer pricing adjustment
- A change to intra-group prices made after import, often at year end, to bring results in line with the arm's-length principle used for income tax.…
- Royalties and licence fees
- Payments for the use of trademarks, patents, designs or know-how that relate to imported goods and are paid as a condition of their sale. Under…
- Customs value
- The value of imported goods on which ad valorem duties are calculated. Almost all countries follow the WTO Customs Valuation Agreement, under which…