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Date: 2013-08-05

Declaring an Import Value

Every time you import a consignment of goods from outside the European Union (EU), you must provide HM Revenue & Customs (HMRC) with details of its value - you may also need to provide a valuation declaration.


You must declare the import value on your Single Administrative Document (SAD or form C88).


SAD forms can be completed manually or electronically using the Customs Handling of Import and Export Freight (CHIEF) system, although manual submissions usually take longer to process.


The Import Control System (ICS) is the first phase of an Automated Import System (AIS) that will apply across the EU, streamlining processes and bringing new safety and security requirements to SAD completion.


How import value is used

There are three main reasons why HMRC needs to establish a value for imported goods:


customs duty - often charged as a percentage of the value of goods and known as 'ad valorem' duty

import VAT - also calculated as a percentage of the value of your goods, plus other expenses and any customs duty

trade statistics - arrived at using the customs valuation rules

 

( linda )18 Nov,2011


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