Customs Valuation Quiz

Customs valuation is the procedure applied in determining the value of imported or exported goods for the purposes of determining ad valorem duties. TRUE / FALSE

• TRUE

• FALSE

In Zambia, the Customs Value is not the price actually paid or payable for the goods when sold for export to Zambia, adjusted in accordance with clause 3. TRUE / FALSE

• TRUE

• FALSE

Article 11 provides for an appeal by the importer without penalty. TRUE / FALSE

• TRUE

• FALSE

Under the fallback method, it is not permissible to base the value on minimum customs values. TRUE / FALSE

• TRUE

• FALSE

What criteria must be considered for the determination of the transaction value?

• Selling price for goods in the country of importation

• Taxable base for VAT purposes

• The production cost of raw materials, in accordance with Article 6

• The mandatory adjustments referred to in Article 8

The Agreement on Customs Valuation provides Customs administrations the right to be satisfied about the accuracy of any statement, document, or declaration presented for customs valuation purposes. Under which article of the Agreement is this enshrined?

• Article 16

• Article 11

• Article 17

• Article 20

This method is based on previous values and methods with a reasonable degree of flexibility in their application.

• Fall Back Method

• Computed Value Method

• Transaction Value Method

• Deductive Value Method

An importer informs you that he has received a reduction in the total invoice price in respect of earlier transactions. Where is this information likely to be reflected?

• Telegraphic Transfer

• The Commercial Invoice

• Letter of Credit

• The Cargo Manifest

The use of currency to determine the customs value (type and time) is provided under the following article of the WTO Valuation Agreement?

• Article 12

• Article 9

• Article 11

• Article 13

Which one below is not one of the four (4) categories of assists in line with Article 8 of the WTO Valuation Agreement?

• Materials, components, parts and similar items

• Tools, dies, moulds and similar items

• Profits & general expenses

• Engineering and design services abroad