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of <h1>Customs Valuation Rules 2007: Key Terms Defined, Including 'Computed Value,' 'Identical Goods,' and 'Related Persons'</h1> The Customs Valuation (Determination of Price of Imported Goods) Rules, 2007, define key terms used in customs valuation. 'Computed value' and 'deductive value' are determined by specific rules. 'Goods of the same class or kind' include identical or similar goods produced by a particular industry. 'Identical goods' are those identical in all respects, excluding minor differences, and produced in the same country and by the same or different producers. 'Similar goods' share characteristics enabling commercial interchangeability. 'Transaction value' refers to the value under the Customs Act, 1962. The rules also define when persons are considered 'related,' including business partnerships and familial connections.
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