Ensuring that customs payments are calculated on the lowest possible declared value by deducting all non-dutiable costs provides further scope for duty savings. Equally, it is important for importers to recognise all costs that must be included in the customs value to avoid potential exposure arising from duty underpayments.
HCL can provide the necessary advice and expertise to guide importers through the complex laws governing the valuation of imported goods.
Earlier Sale
Importers who do not source their goods directly from the manufacture may be able to benefit from the earlier sale provision. This allows duty to be based on the manufacturer's selling price, rather than a subsequent sale, providing certain criteria are met.
With extensive experience in obtaining earlier sale agreements on behalf of a range of clients, HCL can advise importers as to whether their goods potentially qualify for earlier sale treatment, and, where appropriate, seek in principle agreements from HM Revenue & Customs.
Royalties and Assists
Where imported goods are subject to royalty payments, these costs may need to be included in the value declared to Customs. Similarly, materials and accessories supplied to the manufacturer (known as "assists") may also be dutiable.
Importers whose goods are subject to any additional indirect costs or payments should seek advice to ensure that duty payments reflect all necessary inclusions/exclusions in the value declared to Customs.
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