Customs valuation definitions govern transaction value, identical goods, similar goods, and related persons for import pricing.

Rule 2 of the Customs Valuation (Determination of Price of Imported Goods) Rules, 2007 supplies the core definitions governing customs valuation. It defines computed value, deductive value, transaction value, goods of the same class or kind, identical goods, similar goods, produced, and place of importation. The rule also sets out when persons are related for valuation purposes, including control, shareholding, partnership, employment, family relationship, and sole agency or distributorship arrangements if the stated criteria are met.

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