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Rule 10 of Customs Valuation Rules - Addition and Exclusion to Price Rule 10 of the Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 outlines the adjustments that need to be made to the transaction value of imported goods to arrive at the proper customs value. These adjustments ensure the transaction value reflects the actual value of the goods as they are imported. The essence of Rule 10 is as follows: 1.   Additions to Transaction Value: Certain costs and charges, which are not included in the transaction value but are incurred by the buyer, must be added to the value if they are related to the goods being valued. These include: o   Commissions and Brokerage (except buying commissions). o   Packing costs and charges. o   Materials, components, parts, and similar items provided by the buyer free of charge or at a reduced cost, for use in producing the imported goods. o   Royalties and license fees related to the imported goods that the buyer must pay as a condition of sale. o   Proceeds of any resale, disposal, or use of the imported goods that accrue to the seller. o   Cost of transport (freight) and insurance for the goods up to the port or place of importation. o   Loading, unloading, and handling charges associated with the delivery of the imported goods at the port or place of importation. 2.   Exclusions: Certain costs are excluded, such as: o   Costs for construction, erection, assembly, maintenance, or technical assistance after the goods are imported. o   Import duties and other taxes in the country of importation. Thus, Rule 10 focuses on ensuring that the customs value is comprehensive and reflects all relevant costs, so that import duties are calculated on an accurate, fair value. ************ We, the Exim Group are in the business of hashtag #customs and Foreign Trade Policy Consulting, Training and Placement, #freightforwarding and #customsclearance. Reach out to 9943418881/9840023039 for queries

DDU Definition: DDU stands for "Delivered Duty Unpaid," which is a term in international trade, part of the International Chamber of Commerce's (ICC) Incoterms. Responsibility Division: Under DDU terms, the seller is responsible for transporting the goods to a specified location without paying the destination's customs duties and taxes. The seller bears all risks and costs associated with the transportation of the goods until they arrive at the destination without the import procedures being carried out. Applicable Situations: DDU is applicable to various modes of transportation, including sea, air, and land transport. Risk Transfer: Under DDU terms, the risk of the goods is transferred from the seller to the buyer when the goods are delivered to the first carrier. Costs Undertaking: The seller is required to pay all transportation costs and insurance, but the buyer is responsible for paying customs duties, taxes, and the costs of handling import procedures at the destination. Customs Clearance Responsibility: The buyer is responsible for handling the customs clearance procedures for the goods, including paying customs duties and taxes. Contract Terms: When signing an international trade contract, both parties should clearly define the specific content of the DDU terms, including the place of delivery, mode of transportation, and the bearing of costs and risks. The DDU term provides a flexible trading method in international trade, but it also requires both the buyer and seller to have a clear understanding and agreement on their respective responsibilities and obligations.

Research by Barbourne Brook - Customs Consultants revealed that across 600,000 customs declarations, analysis showed an average of 34 per cent errors ⚠️ As customs declarations mistakes are costing UK businesses thousands, is it time for you to re-evaluate your processes? 🤔 Barbourne Brook's Adam Wood and Womble Bond Dickinson's Peter Snaith dive into the details, exploring why these errors occur and how they can be avoided 👉 https://ow.ly/i3lh50R91lA #UKCustoms #InternationalTrade #UKTrade #ExportingLaw #UKExports

In case you missed this important update from the authority 🚨Important Update from the Federal Tax Authority (FTA) 🚨 Article 30 – Zero-rating the export of goods: An exporter must retain any of the following three categories of evidence as proof of exports: 1) a Customs Declaration and Commercial Evidence that proves the Export, 2) a Shipping Certificate and Official Evidence that proves the Export, or 3) a Customs Declaration that proves the suspension arrangement of customs duties, in case the Goods are put into customs suspension. a.     “Commercial Evidence” means the document issued by sea, air, or land transport companies and agents, which proves the transfer and departure of the Goods from the State to outside the State, and includes any of the following documents: 1) Air waybill or air manifest 2) Sea waybill or sea manifest 3) Land waybill or land manifest b.    “Official Evidence” means the export certificate issued by the customs departments in the State or a clearance certificate issued by these departments or the competent authorities in the State regarding the Goods leaving the State after verifying their departure from the State, or a document or clearance certificate certified by the competent authorities in the country of destination stating the entry of the Goods into the country. c.     “Shipping Certificate” means a certificate issued by sea, air, or land transport companies and agents as an equivalent of a commercial evidence where it is not available.

Discover how customs declaration errors are costing UK businesses thousands. 💰 💵 In the article linked below ⬇, Barbourne Brook - Customs Consultants and Peter Snaith of Womble Bond Dickinson (UK) LLP explore solutions. #UKCustoms #InternationalTrade

 ZATCA Issues the fees rules on customs services provided at Customs ports - effective implementation on 06 October 2024. The Zakat, Tax and Customs Authority (ZATCA) has announced the issuance of a decision by its Board of Directors regarding the Fee Rules on Customs Services, which includes specifying the fees on customs services provided by ZATCA and the conditions for fulfilling them. The decision involves waiving the fees for all customs services for exports and reducing customs service fees for imports through a new mechanism for calculating import service fees, which involves a fee of 0.15% of the value of the incoming goods for customs declaration processing services. In addition, the Fee Document on Customs Services stipulates a fee of SAR 15 for customs declaration processing services on individuals’ shipments arriving through online stores, provided that the value of these shipments does not exceed SAR 1,000. #KSA #Customsduty #ZATCA https://lnkd.in/eZXtMv57

Import customs clearance involves declaring information about goods to the customs when they enter a country, and paying duties, import taxes, and other fees as required by the country's laws and regulations.

【A must-see when importing to the United States! What is BOND FEE? Analysis of the key role of customs clearance deposit! 】 BOND FEE: Ensures that importers can handle related responsibilities and fees after importing goods, and protects the interests of US Customs. Bond types: Single Bond and Annual Bond have different applicable scopes. It is more cost-effective for importers with large annual import volume to use Annual Bond! Instructions for customs clearance: Whether you are an importer or an exporter, you can use BOND for customs clearance, and you must have a US tax ID number to proceed. Learn about the many uses and importance of BOND and avoid import delays or fines! https://lnkd.in/eH6pSCBT #BONDFEE #SingleBond #AnnualBond

Importing a car from the UK has become a more complex process following Brexit, with new customs regulations, taxes, and duties. Whether you're bringing in a personal vehicle or importing for business, understanding these charges is essential. Below is a comprehensive guide to the steps and costs involved.1. #CarimportdutiesfromUK #CustomsclearanceforUKvehicles #ElectricandhybridcarimportUK #ExcisetaxonUKcarimportsHowtoimportacarfromUKafterBrexit #ImportingvintagecarsfromUK #RighthanddrivecarregistrationEU #UKcarmodificationsforEUroads #UKtoPolandcarimportrules #VATonUKcarimports

Govt cuts customs duty on gold, silver, mobile phones The government on Tuesday slashed customs duties on a range of products, including gold, silver, critical minerals, mobile phones and other electronic items, to cut input costs, increase value addition, promote export competitiveness and boost domestic manufacturing. The duties were also reduced on Shea Nuts; marine sector goods like prawn and shrimp feed, and fish feed; inputs for the manufacture of these feeds like lipid oil; cancer drugs; other precious metals like silver and platinum; textile, steel, copper, capital goods, shipping, medical equipment and leather sector items. The basic customs duty on coins of precious metals, gold/silver findings, and gold and silver bars was reduced to 6 per cent from 15 per cent. It was cut to 5.35 per cent from 14.35 per cent for gold and silver dore. On platinum, palladium, osmium, ruthenium, and Iridium, the levy was cut to 6.4 per cent from 15.4 per cent. The gems and jewellery exporters have been demanding for the last several years to cut duties on precious metals to boost exports and manufacturing. "My proposals for customs duties intend to support domestic manufacturing, deepen local value addition, promote export competitiveness, and simplify taxation while keeping the interest of the general public and consumers surmount," Finance Minister Nirmala Sitahraman said. "To enhance domestic value addition in gold and precious metal jewellery in the country, I propose to reduce customs duties on gold and silver to 6 per cent and that on platinum to 6.4 per cent," she added. The minister also proposed to undertake a comprehensive review of the rate structure over the next six months to rationalise and simplify it for ease of trade, removal of duty inversion and reduction in disputes. On mobile phones and parts, she said that with a three-fold increase in domestic production and an almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured.