Consultant offers advice on customs valuations

WATCH THE customs’ valuation of your goods, or it could cost you dearly in times to come, warns industry consultant John Busuttil.
This refers to the right of customs to revalue goods upward when they are not convinced of the declared valuation.
“They have the right to uplift the imported customs value when they feel that the transaction value has been distorted either through subsidisation or an inter-company relationship,” says Busuttil.
But the problem arises because this new valuation is legally binding if not challenged within
12-months.
“Many importers accept such determinations if their products do not carry any duty,” Busuttil told FTW.
But, he added, at a later date it could suddenly prove to have “negative consequences” if duties were ever imposed on that product.
“My recommendation to any importer is to challenge any such determination, even if he currently faces no duty, said Busuttil, “
“If a duty is eventually imposed, then customs might not revise its determination under the 12-month time bar.”