Search results for: “transaction value”
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Brussels Definition Of Value
A system for the valuation of imports for the application of ad valorem duties, adopted in 1953 following attempts to establish a European customs union. The European Customs Union Study Group submitted to the contracting states the Convention on the Valuation of Goods for Customs Purposes, along w…
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Outline of International business transactions law
Outline of International Business Transactions law PART I: OVERVIEW OF INTERNATIONAL SALE OF GOODS 1) INTERPRETATION OF COMMERCIAL TERMS See Incoterms 2) DOCUMENTS OF TITLE Steps of a Unconfirmed Letter of Credit applied to hypo and “Payment with LOC” chart on LOC flow chart: 1) Value Industries (buyer-applicant) and Globo Industries (seller-beneficiary) K for payment…
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Customs Valuation Code
A uniform system for valuing imports for the application of customs duties. The agreement is a product of the Tokyo Round of multilateral trade negotiations. It provides for five methods of valuing imported merchandise. Transaction value is the price actually paid or payable for the goods, with […]
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Positive Concept Of Valuation
An approach to the application of ad valorem duties that holds that duties should be applied upon the actual value of the transaction, as defined by buyer and seller. This view has been substantially fulfilled by the recent adoption of the transaction value basis of valuation in the Customs Valuatio…
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Positive Concept Of Valuation
An approach to the application of ad valorem duties that holds that duties should be applied upon the actual value of the transaction, as defined by buyer and seller. This view has been substantially fulfilled by the recent adoption of the transaction value basis of valuation in the Customs Valuatio…
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Transfer Pricing
The pricing level at which goods are sold between related entities, subsidiary to parent. Transfer pricing has been an area of considerable interest to customs authorities, inasmuch as such sales are often suspected of being manipulated by the parties deliberately to undervalue the goods for […]
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Customs Valuation
For importers, the process of estimating the value of a product at customs presents problems that can be just as serious as the actual duty rate charged. The WTO agreement on customs valuation aims for a fair, uniform and neutral system for the valuation of goods for customs purposes — a system that conforms to…
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Dictionary of International Trade
Dictionary of International Trade Dictionary of International Trade (Global Negotiator) Contents The Dictionary of International Trade of Global Negotiator include, among others, the following terms and acronyms: Back haul Back letter Back order Back to back letter of credit Backhauling Bad faith BAF Bailee Bailment Balance of payments Balance of trade Bale Bank acceptance Bank…
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Dictionary of International Trade
Dictionary of International Trade Dictionary of International Trade (Global Negotiator) Contents The Dictionary of International Trade of Global Negotiator include, among others, the following terms and acronyms: Back haul Back letter Back order Back to back letter of credit Backhauling Bad faith BAF Bailee Bailment Balance of payments Balance of trade Bale Bank acceptance Bank…
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Merchandise
In the United States For information about Merchandise in the context of international trade, click here
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Merchandise
In the United States For information about Merchandise in the context of international trade, click here
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Trade Agreements Act Of 1979
An act of Congress implementing certain agreements negotiated under the Tokyo Round (read this and related legal terms for further details). The act replaced the Countervailing Duty Law and Antidumping Act of 1921 and ab…
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Trade Agreements Act Of 1979
An act of Congress implementing certain agreements negotiated under the Tokyo Round (read this and related legal terms for further details). The act replaced the Countervailing Duty Law and Antidumping Act of 1921 and ab…
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Ordinary Course Of Trade
A concept routinely applied in customs valuation that holds that the dutiable value of goods is the price at which they would normally sell if customary channels of distribution were observed. For example, where it was industry practice for a product to be sold directly by a manufacturer to an end u…
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Normal Price
Within the scope of the Brussels Definition Of Value (read this and related legal terms for further details), the value basis upon which ad valorem duties will be assessed on imports. The normal price is the price the go…