NEW RULE FOR CALCULATION OF CUSTOMS VALUE OF SPECIFICALLY SELECTED GOODS

09/01/2011

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According to the Ministry of Finance's latest ruling, for those exhibition objects that are imported without the competent authorities' approval and are taxable under the Specifically Selected Goods and Services Tax Act, their customs value should be calculated on the basis of their transaction value. This is different from the calculation of customs duty, of which the basis is one-tenth (1/10) of the transaction value.