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Please discuss Memo D13, Valuation. Please discuss the differences between sections 48-53 of the Customs Act

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General Management

Please discuss Memo D13, Valuation. Please discuss thedifferences between sections 48-53 of the Customs Act

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ANS 1 Under the Customs Act the Act the primary basis of determining the value for duty of imported goods is the transaction value method This method and the five alternate methods of determination are identified in sections 48 to 53 of the Act The sequential order of these methods must be followed in order to determine value for duty The first of these methods which can be applied to the circumstances of the transaction involving imported goods must be used In only one instance can the sequence in which the methods appear in the legislation be altered the order of application of sections 51 and 52 of the Act can be reversed at the request of the importer Section 47 of the Act contains the provisions relating to the sequential application of the various methods of valuation 2 The primary basis of determination and the five alternate methods are as follows Section 48 The transaction value method Section 49 The transaction value method of identical goods Section 50 The transaction value method of similar goods Section 51 The deductive method of valuation Section 52 The computed method of valuation Section 53 The    See Answer
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