CUSTOMS

Term used for to designate the government service responsible for administering legislation relating to the import and export of goodsThe latter are subject to any duties and taxes levied on them.

The term customs encompasses both head offices and subsidiaries. They are generally physical spaces located in strategic areas such as border crossings, port, airport or railway areas where goods may be received, shipped or transited.

What types of customs exist?

• Entry: The customs office declares these goods as national consumption.
• Exit: The goods sent by third parties are received here.
• Transit or border: responsible for the control of goods that are still in transit to their destination.

How do they value the goods?

The World Trade Organisation (WTO) has determined that the valuation process for goods at customs can create problems for importers as serious as the actual duty applicable. Therefore, the WTO made an agreement with the objective that all goods and products should be valued according to commercial reality. This prevents products from being valued in an arbitrary or fictitious manner.

The Customs Valuation Committee of the Goods Council is responsible for the work of the WTO in the field of customs valuation. Show less

And now that you have learned what customs are, MentorDay thanks you for valuing the tip.

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