The Resource Korea's customs valuation method for transaction value between related parties

Korea's customs valuation method for transaction value between related parties

Label
Korea's customs valuation method for transaction value between related parties
Title
Korea's customs valuation method for transaction value between related parties
Creator
Subject
Language
eng
Summary
Similar to the World Trade Organization (WTO) Customs Valuation Agreement, the Korean Customs Act provides that if the seller and buyer are related parties, the transaction value is examined in order to verify whether the special relationship affected the transaction value, and in the case the special relationship did have an effect on the transaction value, subordinate methods have to be applied while rejecting the transaction value in the customs valuation. The method of verification, such as the "analysis of circumstances of transaction" and "test price method", is used in order to verify whether the special relationship affected the transaction value. The "analysis of circumstances" refers to an examination of the circumstances of sale, and the special relationship is viewed as not having effect on the price under some circumstances such as where the price of the relevant goods is determined using the pricing method ordinarily adopted by the buyer and the seller having no special relationship. The "test price method" refers to a method where the special relationship is viewed as not having effect on the price if the transaction value closely approximates to the test price (such as uncontrolled transaction value for identical or similar goods)
Citation source
In: Global trade and customs journal. - Alphen aan den Rijn. - Vol. 12 (2017), no. 1 ; p. 29-31
http://library.link/vocab/creatorName
Cho, J.C
Geographic coverage
Asia
Language note
English
http://library.link/vocab/subjectName
  • customs value
  • associated enterprises
Label
Korea's customs valuation method for transaction value between related parties
Instantiates
Publication
Label
Korea's customs valuation method for transaction value between related parties
Publication

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