Definition
The primary method for determining the customs value of imported goods, based on the price actually paid or payable for the goods when sold for export, adjusted for certain additions such as freight and insurance to the port. SARS applies the WTO Customs Valuation Agreement, using the transaction value first and falling back to alternative methods only if it cannot be used. The customs value is the base on which ad valorem duty and import VAT are calculated.
Frequently asked questions
What is Customs Valuation (Transaction Value Method)?
The primary method for determining the customs value of imported goods, based on the price actually paid or payable for the goods when sold for export, adjusted for certain additions such as freight and insurance to the port. SARS applies the WTO Customs Valuation Agreement, using the transaction value first and falling back to alternative methods only if it cannot be used. The customs value is the base on which ad valorem duty and import VAT are calculated.
Which glossary terms are related to Customs Valuation (Transaction Value Method)?
Customs Valuation (Transaction Value Method) is a customs & sars term in the South African import/export industry. Related terms in the same area include 70707070 (Customs Code), Ad Valorem Duty, AEO (Authorised Economic Operator), Anti-Dumping Duty, B-BBEE (Broad-Based Black Economic Empowerment) — each has its own plain-English definition in the TradeCaravan glossary.