Customs valuation reform: new SVB procedures streamline related-party import investigations and limit provisional security obligations.
Revised SVB procedures establish a four-stage valuation process-selection, referral, investigation and finalisation-requiring importers to provide prescribed questionnaire information at bill of entry and enabling customs officers to determine provisional clearance or SVB referral on a prima facie basis. The circulars set out exclusions, permit certain non-related-party referrals, change renewal and validity rules for SVB findings, adjust security mechanics so required deposits cease upon timely submission of information, and mandate a structured Investigation Report with defined timelines and limited extension authority. (AI Summary)