Customs penalty limits expanded to tie sanctions to declared or assessed value, replacing fixed monetary caps. Amendment revises penalty calculations under section 114 of the Customs Act by tying penalties to the declared value by the exporter or the value determined under the Act. Clause (i) replaces the prior fixed cap with a multiple of that value, and clause (iii) is substituted to provide that penalties for other goods shall not exceed the greater of the declared value or the value determined under the Act.
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Customs penalty limits expanded to tie sanctions to declared or assessed value, replacing fixed monetary caps.
Amendment revises penalty calculations under section 114 of the Customs Act by tying penalties to the declared value by the exporter or the value determined under the Act. Clause (i) replaces the prior fixed cap with a multiple of that value, and clause (iii) is substituted to provide that penalties for other goods shall not exceed the greater of the declared value or the value determined under the Act.
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