Organization : Customs & Inland Revenue
Type of Facility : Customs Valuation
Country: Vanuatu
Download Details : https://www.statusin.org/uploads/40535-Customs.pdf
Website : https://customsinlandrevenue.gov.vu/index.php
Inland Revenue Customs Valuation
The main purposes of Customs control in the valuation process are to confirm
a. whether the conditions for the use of the transaction value method are fulfilled;
Related : Vanuatu Customs & Inland Revenue Yachts Clearance : www.statusin.org/40532.html
b. whether the declared value includes the total payment made or to be made by the buyer for the imported goods;
c. whether the declared value includes all adjustments necessary under Article 8 of the WTO Customs Valuation Agreement, as set out in Clause 4 of Schedule 2 of the Import Duties Act;
d. whether an alternative method of valuation, if used, is being used correctly.
Methods of Valuation
Transaction value method
** The transaction value is the price actually paid or payable for the goods when sold for export to Vanuatu, adjusted in accordance with the provisions of Clause 4 of Schedule 2 of the Import Duties Act.
** The price actually paid or payable is the total payment made or to be made by the buyer to or for the benefit of the seller for the imported goods, and includes all payments made as a condition of sale of the imported goods by the buyer to the seller, or by the buyer to a third party to satisfy an obligation of the seller.
** The Customs value of the imported goods is the transaction value of the goods being valued if all of the following conditions have been fulfilled.
Transaction Value of Identical Goods
** The definition of identical goods excludes imported goods for which engineering, artwork, etc. is undertaken in Vanuatu and is provided by the buyer to the producer of the goods free of charge or at a reduced cost;
** Where there are no identical goods produced by the same person in the country of production of the goods being valued, identical goods produced by a different person in the same country may be taken into account;
** Minor differences in appearance would not preclude goods which otherwise conform to the definition from being regarded as identical, unless the minor difference in appearance itself has an impact upon the price of the goods
Transaction value of similar goods
The definition of similar goods excludes imported goods for which engineering, artwork, etc. is undertaken in Vanuatu and is provided by the buyer to the producer of the goods free of charge or at a reduced cost;
Where there are no similar goods produced by the same person in the country of production of the goods being valued, similar goods produced by a different person in the same country may be taken into account.
Buying Commissions
As noted in Paragraph 2 of Clause 4 of Schedule 2 of the Import Duties Act, buying commissions are not included in the Customs value of the imported goods.
A buying commission is the fee for services performed by an agent for an importer in, for example, looking for vendors in the exporting country who can supply the types of goods the importer wants to purchase, negotiating the purchase of the goods on behalf of the importer, checking to make sure the goods supplied are correct and of good quality, and preparing the necessary paperwork.
Interest charges
Pursuant to Paragraph 1(7) of Schedule 2 of the Import Duties Act, charges for interest under a financing arrangement entered into by a buyer and relating to the purchase of imported goods are not to be regarded as part of the customs value of the goods if
(a) the charges are distinguished from the price actually paid or payable for the goods; and
(b) such goods are actually sold at the price declared as the price actually paid or payable; and
(c) the buyer, if required, can demonstrate that
(i) the financing arrangement was made in writing; and
(ii) the claimed rate of interest does not exceed the level for such transactions prevailing in the country where, and at the time when, the finance was provided.