The EEC has provided business a respite on customs valuation for goods
The EEC Board decided to expand the list of cases in which it is allowed to use the procedure of deferred determination of the customs value of goods.
Starting from December 2, 2016, foreign trade operators (FTO) of the Eurasian Economic Union states may use the delay in determining the customs value of goods, when at the time of customs declaration the exact amount of licensing and other similar payments for the use of intellectual property objects is not known yet. Those may be payments for patents, trademarks, copyrights, etc. The same applies to cases when at the time of customs declaration the exact amount of revenue from further sale or use of the imported goods, directly or indirectly payable to the seller, is not known yet.
The EEC Board also increased the period of time for which the definition of the exact custom value of the goods can be postponed. Now, foreign trade operators can take up to 15 months instead of the current two months to determine the exact value.