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of <h1>New Rules for Customs Valuation of Imported Goods Focus on Transaction Value and Alternative Methods When Necessary</h1> The Customs Valuation (Determination of Price of Imported Goods) Rules, 1988, effective from August 16, 1988, supersede the 1963 rules and apply to imported goods where customs duty is based on value. These rules define key terms like 'deductive value,' 'identical goods,' and 'similar goods,' and establish the transaction value as the primary valuation method. If this value is indeterminable, alternative methods from Rules 5 to 8 are used. The rules also outline conditions for accepting transaction values, especially in related party transactions, and detail adjustments for costs and services. Importers must provide accurate value declarations, and disputes are resolved per the Customs Act, 1962.
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