Customs valuation is the process of determining the economic value of commodities declared for importation. The customs value, together with origin and product classification, serves as the foundation for determining the customs duty, which is often computed as a percentage of the customs value. The valuation rules used globally are established by the World Trade Organisation (WTO). Businesses can use iCustoms’ landed cost calculator to estimate total duty costs based on customs value.
There are six methods of customs valuation: