Valuation Challenge
Definition of Valuation Challenge
A valuation challenge occurs when customs authorities suspect the declared value of imported goods may not be accurate. These challenges prompt a closer inspection of the shipment to verify that the declared value aligns with the actual value.
Customs authorities may question the valuation due to inconsistencies, unusually low or high values, or discrepancies in documentation. To substantiate the declared value, importers must provide a comprehensive set of documents:
- Correspondence regarding the purchase or sale of goods
- Commercial invoice detailing the sale of goods
- Direct representation authorisation, if using a customs agent
- Clearance orders from customs brokers
- Invoice for transport costs
- Export declaration
- Sea freight insurance policy
- Payment receipt or bank statement showing the transaction
- Purchase contract or order confirming the transaction
- Resale invoice, if applicable
- Bill of Lading or other transport documentation
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