Podcast
Questions and Answers
In what circumstances should imported goods be valued according to Section 701 of the Act?
What should be done if the customs value cannot be determined under Section 701 of the Act?
Under what circumstances can Sections 704 and 705 of the Act be used for determining customs value?
What happens if the importer requests reversing the order of Sections 704 and 705 in determining customs value?
Signup and view all the answers
Under what circumstances should the customs value be determined under Section 704 of the Act?
Signup and view all the answers
When can the customs value be determined under Section 706 of this Act?
Signup and view all the answers
Under what conditions should the transaction value of identical goods be used to determine dutiable value?
Signup and view all the answers
What should be done if imported goods cannot be valued following Sections 701 through 705?
Signup and view all the answers
"What happens if an importer does not request reversing, but it becomes impossible to determine customs value under Section 705?"
Signup and view all the answers
Study Notes
Determining Customs Value
- Imported goods should be valued according to Section 701 of the Act under normal circumstances.
Alternative Valuation Methods
- If the customs value cannot be determined under Section 701, alternative methods can be used.
- Sections 704 and 705 of the Act can be used for determining customs value if Section 701 is not applicable.
Reversing the Order of Sections 704 and 705
- If the importer requests, the order of Sections 704 and 705 can be reversed in determining customs value.
Determining Customs Value under Section 704
- The customs value should be determined under Section 704 of the Act under specific circumstances.
Determining Customs Value under Section 706
- The customs value can be determined under Section 706 of this Act in certain situations.
Using Transaction Value of Identical Goods
- The transaction value of identical goods can be used to determine dutiable value under specific conditions.
Failure to Determine Customs Value
- If imported goods cannot be valued following Sections 701 through 705, alternative methods should be used.
- If an importer does not request reversing, but it becomes impossible to determine customs value under Section 705, alternative methods should be used.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz covers the sequential application of valuation methods for imported goods as per the provisions of a specific Act. It includes determining customs value through different sections until a suitable method is found.