Transaction value
Primary method of determining customs value, based on the price actually paid or payable for imported goods.
Transaction value
The transaction value is the main and priority method for determining the customs value. It corresponds to the price actually paid or payable for the goods when sold for export to the customs territory of the EU.
Legal basis
Articles 70 et seq. of the UCC, transposing the WTO Agreement on Customs Valuation (GATT Article VII Agreement).
Adjustments
The transaction value must be adjusted by adding certain elements if they are not already included in the price: purchasing commissions, cost of containers and packaging, royalties and license fees, transport and insurance costs to the point of entry into the EU and contributions from the seller (molds, tools, materials provided free of charge by the buyer).
Conditions of acceptance
The transaction value is only accepted if the sale is not subject to any conditions affecting the price, the sale is final, the buyer does not return to the seller part of the proceeds of the resale (unless possible adjustment) and the parties are not related, or if the connection has not influenced the price.
Subsidiary methods
If the transaction value cannot be accepted, six subsidiary methods are applied in order: transaction value of identical, similar goods, deductive method, calculated value method and last resort method.
Issues
The customs value is, along with the tariff classification and the origin, one of the three pillars of the customs declaration. A value error can result in an adjustment covering 3 years of imports.