MDG: Towards a better understanding of transactional value in customs
In most import declarations, the customs value of the goods is based on their transaction value, i.e. the price actually paid or payable for the goods sold for export to the customs territory of the Union. This amount is then adjusted according to the rules of the Union Customs Code (sections 71 and 72), which specify the elements to be added or deducted from that value.
The European Union applies the internationally recognized concept of value for duty, as established by the WTO Agreement on the Determination of Value for Duty (Agreement on the Implementation of GATT Article VII 1994).
On 23 October, the World Customs Organization (WCO) Technical Committee on Customs Assessment (CTED) validated the development of a new instrument, Explanatory Note 7.1, to clarify the interpretation of the concept of "price actually paid or payable".
This note will specify in particular:
- on payments to be included in that price (direct or indirect payments and adjustments provided for in Article 8 of the Agreement),
- and payments to be excluded, such as charges not directly related to the goods or post-import costs.
An illustrative conceptual scheme will accompany this new instrument in order to better visualize the links between different concepts, payments and adjustments.
Once approved by the WCO Council, scheduled for June 2026, this instrument will be integrated into the WCO Customs Assessment Compendium and the WCO WCO Trade Tools.
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