Revisions to the EU Customs Valuation Compendium

In April 2024, the European Commission released updated guidelines in the Customs Valuation Compendium, clarifying rules for the valuation of goods imported into the EU.

• Customs valuation is the determination of the economic value of goods declared for importation and provides the basis for assessment of the customs debt.
• The EU applies 6 valuation methods with the transaction value method being the primary method.
• The Compendium is a comprehensive guide designed to help EU Member States’ customs authorities and businesses correctly value goods for customs purposes.
• The Compendium covers various scenarios and provides case studies to illustrate the application of customs valuation rules under the Union Customs Code (UCC).
• The key recent updates comprise the valuation of damaged or defective goods, buying commissions and the valuation of prototype cars and development services.

Take away:

The EU Customs Valuation Compendium is a crucial guide for accurately valuing goods in customs processes, with recent updates providing clearer rules on defective goods, buying commissions, and prototypes.

• Be aware of the high relevance of the customs value in the EU.
• Use the Compendium as a key resource for understanding and applying EU customs valuation rules.

Link:
https://taxation-customs.ec.europa.eu/customs-4/calculation-customs-duties/customs-valuation_en?etransnolive=1 (Customs Valuation, European Commission)
https://taxation-customs.ec.europa.eu/customs-4/union-customs-code/ucc-guidance-
documentsen?etransnolive=1 (UCC – Guidance documents, European Commission)

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