Customs Valuations
Presenters : Sipho Mhaga
The world of Customs and Excise is an exciting but somewhat intimidating landscape, particularly for those who are entering into this new trepidatious realm. Jump on board as SNG Grant Thornton’s Customs and Excise Senior Manager, Sipho Mhaga, takes us on a journey to easily and practically understand why customs value is essential to the calculation of the total duty to be paid on imported goods.
Learn more about important terminology and principles like Transaction Value, Customs Value Hierarchy, and Customs Valuation Database, enabling you to offer your clients comprehensive advice and insight.
Video Content
- Unpacking the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade (GATT) 1994, also known as the WTO Customs Valuation Agreement.
- Why is a customs value necessary?
- Is the customs value used for any other purpose other than import duty?
- How to source the correct legislation covering the customs valuation?
- How is customs value calculated as well as the various methods of customs valuation, in descending order of precedence?
- Commentary analysis on the Customs value of imported goods.
Competencies developed in this video
- Gain an eloquent understanding of the various international agreements in place that govern the calculation and valuation of customs.
- Understand the purpose of customs valuation and where else these values can be applied.
- Obtain insights into the latest accurate customs legislation.
- Acquire the ability to practically implement the six stages of customs valuation in their descending order of precedence.
- Comprehend the Customs Valuation Database and how SARS makes use of it to reduce the likelihood of incorrect valuations or fraud.