{"id":1156,"date":"2012-09-13T15:00:15","date_gmt":"2012-09-13T15:00:15","guid":{"rendered":"http:\/\/trgpeaktest.com\/?p=1156"},"modified":"2021-07-15T12:53:30","modified_gmt":"2021-07-15T18:53:30","slug":"valuation","status":"publish","type":"post","link":"https:\/\/traderiskguaranty.com\/trgpeak\/valuation\/","title":{"rendered":"Valuation of Goods, It&#8217;s Important for Compliance"},"content":{"rendered":"<h3>Valuation of goods is an important aspect of filing requirements when importing goods into the United States.<\/h3>\n<p>Customs and Border Protection (CBP) must be provided not only with the classification of the goods being entered into commerce, but their valuation of goods as well.<\/p>\n<p>Misappropriating the value of imported goods, intentionally or not, is a mistake that can affect a company\u2019s <a href=\"http:\/\/traderiskguaranty.com\/trgpeak\/customs-bonds-101-foreign-trade-zone-operator-bond\/\" target=\"_blank\" rel=\"noopener\">Customs compliance<\/a>. It is vital that CBP is provided with the proper valuation of goods, or a claim is sure to follow.\u00a0Some elements of valuation are not obvious, so it is important to keep up on valuation requirements. Any dutiable costs must be added as part of the entered value of goods being brought into the country.\u00a0There are 5 major dutiable costs that must be added to a shipment of goods\u2019 valuation to avoid receiving a bill from CBP:<\/p>\n<ul>\n<li><strong>Assists<\/strong> \u2013 These include any costs related to the implements used to assist in the process of importing the goods into the U.S.\u00a0 It could be tools, dies, etc. These costs must be calculated into a shipment\u2019s valuation. Note that engineering and design work undertaken in the U.S. is not an assist, and should be excluded from the dutiable value.<\/li>\n<li><strong>Proceeds<\/strong> \u2013 Any additional proceeds from the sale or resale of the goods that the buyer may pay should be accounted for in cargo valuation. If they are not, it can result in a bill from CBP.<\/li>\n<li><strong>Royalties<\/strong> \u2013 This category includes any royalties or license fees that the buyer of the goods is required to pay. These are considered <a href=\"http:\/\/traderiskguaranty.com\/trgpeak\/importers-need-to-know-about-these-warranties\/\" target=\"_blank\" rel=\"noopener\">dutiable costs<\/a> and must be included.<\/li>\n<li><strong>Commission<\/strong> \u2013 Any viable Selling Commissions related to the sale are required to be reported by the importer as part of the cargo\u2019s valuation.<\/li>\n<li><strong>Packing Costs<\/strong> \u2013 Packing costs related to the goods being shipped are another factor in valuation. They must be added to the value in order to accurately determine the duty.<\/li>\n<\/ul>\n<p>Importers are required to account for these costs in the valuation of goods and should verify with their Customs broker or freight forwarder that this is being done. Although it is the responsibility of the broker or freight forwarder to know these things, it is the importer\u2019s liability if they are not accounted for. Ultimately, the importer is responsible for exercising reasonable care in determining the value of their <a href=\"http:\/\/traderiskguaranty.com\/trgpeak\/what-are-the-top-10-u-s-imports\/\" target=\"_blank\" rel=\"noopener\">imported goods<\/a>. CBP has provided some Informed Compliance Publications on this subject:\u00a0 The Customs Valuation Encyclopedia, and a document titled Customs Value. These documents are extremely valuable resources, but as always, importers should always consult a professional before making any major decisions regarding their shipments.<\/p>\n<p><em>*This post was originally published in September of 2012. For updated information visit <a href=\"http:\/\/www.cbp.gov\/\" target=\"_blank\" rel=\"noopener\">CBP.gov<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Valuation of goods is an important aspect of filing requirements when importing goods into the United States. Customs and Border Protection (CBP) must be provided not only with the classification of the goods being entered into commerce, but their valuation of goods as well. Misappropriating the value of imported goods, intentionally or not, is a [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":7528,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[4,584,13],"tags":[34,37,243,127],"_links":{"self":[{"href":"https:\/\/traderiskguaranty.com\/trgpeak\/wp-json\/wp\/v2\/posts\/1156"}],"collection":[{"href":"https:\/\/traderiskguaranty.com\/trgpeak\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/traderiskguaranty.com\/trgpeak\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/traderiskguaranty.com\/trgpeak\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/traderiskguaranty.com\/trgpeak\/wp-json\/wp\/v2\/comments?post=1156"}],"version-history":[{"count":12,"href":"https:\/\/traderiskguaranty.com\/trgpeak\/wp-json\/wp\/v2\/posts\/1156\/revisions"}],"predecessor-version":[{"id":10548,"href":"https:\/\/traderiskguaranty.com\/trgpeak\/wp-json\/wp\/v2\/posts\/1156\/revisions\/10548"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/traderiskguaranty.com\/trgpeak\/wp-json\/wp\/v2\/media\/7528"}],"wp:attachment":[{"href":"https:\/\/traderiskguaranty.com\/trgpeak\/wp-json\/wp\/v2\/media?parent=1156"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/traderiskguaranty.com\/trgpeak\/wp-json\/wp\/v2\/categories?post=1156"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/traderiskguaranty.com\/trgpeak\/wp-json\/wp\/v2\/tags?post=1156"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}