Sequential Application of Valuation Methods
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Questions and Answers

In what circumstances should imported goods be valued according to Section 701 of the Act?

  • When the importer wants to save on taxes
  • When the customs value cannot be determined under the provisions of Section 701 (correct)
  • When the importer requests it
  • When the customs value is too high

    • What should be done if the customs value cannot be determined under Section 701 of the Act?

  • Proceed sequentially through succeeding sections to find one under which customs value can be determined (correct)
  • Skip to Section 703
  • Double the value declared by the importer
  • Return the goods to the exporter

    • Under what circumstances can Sections 704 and 705 of the Act be used for determining customs value?

  • Whenever the importer requests it
  • Whenever the importer wants to pay less duty
  • If the goods are imported by air
  • Only when a specific section does not provide a value (correct)

    • What happens if the importer requests reversing the order of Sections 704 and 705 in determining customs value?

    <p>The normal sequence must be followed regardless of the request</p> Signup and view all the answers

    Under what circumstances should the customs value be determined under Section 704 of the Act?

    <p>When Section 705 is impossible to apply</p> Signup and view all the answers

    When can the customs value be determined under Section 706 of this Act?

    <p>Only when all other sections fail to provide a value</p> Signup and view all the answers

    Under what conditions should the transaction value of identical goods be used to determine dutiable value?

    <p>If method one for determining dutiable value fails</p> Signup and view all the answers

    What should be done if imported goods cannot be valued following Sections 701 through 705?

    <p>Determine dutiable value based on method two</p> 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?"

    <p>&quot;The customs value shall be determined under Section 704&quot;</p> 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.

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    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.

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