# Import Valuation

*Last updated: 2026-06-24*

> When a customs declaration is lodged, import valuation determines the customs value of the goods – the taxable base for duties, import VAT, and related charges.

When a customs declaration is lodged, import valuation determines the customs value of the goods – the taxable base for duties, import VAT, and related charges. The primary method is the transaction value: the price actually paid or payable, adjusted by specified additions such as freight and insurance to the point of entry. Where the transaction value cannot be applied – for instance between related parties or when documentation is inadequate – customs authorities work through a sequential hierarchy of fallback methods: the value of identical or similar goods, the deductive method, and the computed value. The framework derives from the WTO Customs Valuation Agreement, implemented in the domestic legislation of member countries. Mis-declared customs values expose importers to back-payments, penalties, and audit scrutiny.

**Source:** [https://www.wto.org/english/tratop_e/cusval_e/cusval_e.htm](https://www.wto.org/english/tratop_e/cusval_e/cusval_e.htm)

## Quick Facts

| Property | Value |
|---|---|
| Term | Import Valuation |
| Language | EN |
| Word count | 124 |
| Last updated | 2026-06-24 |
| Source | https://www.wto.org/english/tratop_e/cusval_e/cusval_e.htm |

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