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.
The EEC Board member - Minister in charge of customs cooperation Mukai Kadyrkulov said, "The order of the application of the rule remains the same - at the moment of the customs declaration an FTO will need to determine the provisional customs value based on forecasted data, and within 15 months it will have to report the exact customs value and introduce the changes to the customs declaration.”
As established before, if the exact customs value is higher than the provisional one, customs payments shall be payable without any penalties.
Simplification of the definition of the customs value, when the customs value of the goods is unknown at the time of customs declaration, was first established by the decision of the EEC Board in April this year. The pilot case was the one when the price of the good depends on the stock price and such quotes are not known at the time of declaration. And in May at the EEC Council meeting, it was decided to expand the application scope of this positive innovation.
Press-release at the official Eurasian Economic Commission web-site