Valuation
When you import goods to the United States, it is important that you adhere to certain guidelines set by the U.S. Customs and Border Protection (CBP). The importers need to accurately assess and declare the value of goods to the customs authorities before the arrival of the consignment. To ensure compliance, the officials may confiscate, examine and scrutinize the goods to determine if all the valuation requirements have been met.
Tariff Classification
Process of determining the correct tariff code for imported and exported goods. Classification of goods is relevant from a customs point of view. It has an impact on customs duties, excise duties, import VAT, origin management, preferential duties and import and export restrictions. For this reason, the importance of correct classification cannot be underestimated. However, companies often neglect the classification, which might result in significant costs, e.g. wrong amount of duty being paid or improper use of free trade agreements. The classification of goods is not always unambiguous which can also provide possibilities for savings by using competing tariff codes.