The Dilendorf Law Firm assists our clients in analyzing valuation methodologies to ensure that the correct valuation is being used upon importation. The Customs value of a product will directly impact its taxes, duties, and fees, so careful attention to the structure and appraisal of such transactions is critical.
It is essential for an importer to maintain a system that properly reports and records the actual value of imported merchandise to U.S. Customs. Failure to do so may result in the under or overpayment of duties to U.S. Customs and Border Protection (CBP). While the preferred method of valuation is “transaction value” across most of the world, a number of other, more complicated, means can be applied when appropriate. A qualified customs attorney will know which valuation method makes the most sense in avoiding higher duties, and how to apply it with “reasonable care” to avoid penalties.
An experienced customs attorney is invaluable when determining the proper valuation formula. The primary role of a customs attorney when analyzing valuation methods is to determine the best value import transactions to reduce liability for import tariffs. The penalties for non-compliance can be costly and severe, especially with the added costs of penalties for negligence, gross negligence, or fraud.
Our firm recognizes the complexity of import transactions and the various business structures which might influence the establishment of values for Customs. Part of the Importer of Record’s mandate to use “reasonable care” in reporting, any type of noncompliance could result in severe penalties. We take this mandate seriously and apply high standards of excellence in adhering to CBP standards.
The of customs attorneys at our firm provides analysis of our clients’ import operations to determine the most favorable dutiable valuation, obtain binding rulings from Customs on their behalf. We work hard to recover duty overpayments and secure duty savings moving forward. Should we find a clear under-valuation of prior imports, a duty tender will be prepared in a manner that avoids the assessment of penalties.
The Dilendorf Firm is highly adept with all aspects of customs and international trade law, and we help our clients find the most beneficial methods of compliance. By restructuring international transactions to reduce dutiable value, our attorneys help clients realize cost savings while documenting compliance and avoiding CBP enforcement actions.
- Customs Valuation – Office of the United States Trade Representative
- U.S. Customs and Border Protection Valuation Encyclopedia – Cbp.gov
- Trade Guide: WTO Customs Valuation Agreement – International Trade Administration
- Determining the Acceptability of Transaction Value for Related Party Transactions – Cbp.gov
- Customs Valuation Under the Trade Agreement Act of 1979 – Cbp.gov
- Use of the “First Sale Rule” for Customs Valuation of U.S. Imports – U.S. International Trade Commission