High seas sale valuation: use last buyer's contract price for customs assessment when it exceeds declared CIF plus standard charges. Valuation for high seas sales treats the last buyer as the importer; a standard 2% addition to CIF is generally applied as high seas sale charges but documented actual charges exceeding 2% must be added, and if the actual high seas sale contract price is known and exceeds CIF plus those charges the actual contract price shall be taken as the value for duty assessment.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
High seas sale valuation: use last buyer's contract price for customs assessment when it exceeds declared CIF plus standard charges.
Valuation for high seas sales treats the last buyer as the importer; a standard 2% addition to CIF is generally applied as high seas sale charges but documented actual charges exceeding 2% must be added, and if the actual high seas sale contract price is known and exceeds CIF plus those charges the actual contract price shall be taken as the value for duty assessment.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
