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In general, the term “importing” refers to the commercial activity of buying and bringing in goods from a foreign country. In the United States, general importing will involve the U.S. Customs Service. The importer must declare the dutiable value of merchandise. The final appraisement is fixed by Customs. Several appraisement methods are used to arrive at this value. The transaction value serves as the primary basis of appraisement. Transaction value is the price actually paid or payable by the buyer to the seller for the goods imported. Other factors may also add to the dutiable value of merchandise, such as packing costs, selling commissions, royalty or licensing fees, etc.
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