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of <h1>Customs to Value High-Seas Sales Using Final Contract Price; Charges Added to Declared CIF Value in Tuticorin.</h1> The circular addresses the valuation of imported goods sold on high seas for customs assessment. It specifies that the transaction relevant for valuation is the last sale on the high seas, with the final buyer considered the importer. In Tuticorin, the practice involves adding 'High-seas sales charges' to the declared CIF value, typically estimated at 2%. If actual charges exceed this percentage, the higher amount is added. When the actual high-seas sale contract price surpasses the CIF value plus 2%, the contract price is used for duty assessment.
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