The ECE has approved a new procedure for deferring the customs value of goods.
The Eurasian Economic Commission approved a new procedure for deferring the customs value of goods.
Now the trader will have a deferment of 15 months in order to clarify the exact amount of the customs value, if it was not known at the time of declaration. At the time of filing the declaration, a preliminary customs value is entered. If subsequently the specified value will be higher than the specified one, it will be possible to pay additional customs payments without levying a penalty.
It is important to note that innovations are related to products for which an accurate determination of the customs value is impossible for objective reasons. For example, payments for copyright or goods, the price of which depends on stock quotes and which are not known at the time of declaration. Market experts believe that the new initiative of the EEC will allow relieving the declarants of the financial burden on confirming additional valuation methods previously used in predicting the customs value of goods.