Canadian regulators are in the process of changing how to calculated the value for duty (VFD). The VFD is base amount on which duty is accessed. The proposed rules will affect non-resident importers (NRI's).Non resident importers can now import goods using a lower earlier sale price. While Canadian based importers declare a value of actual sale to the Canadian buyer.The consultation period has concluded.
Value plays a pivotal role in international customs. It forms one of the cornerstone of import and export processes. The correct determination of the value for customs is essential. The value of goods is the basis for the calculation of customs duties, taxes, and fees. Additionally, value is an important data point used by governments. Trade policies, tariff rates, and trade agreements rely on a standardized valuation process.
