The customs value of goods is a key element in determining the amount of Customs Duty that will be payable. Other factors include the origin and the type of goods involved.
The value of goods used for customs purposes is usually the transaction value, that is the price actually paid or payable for the goods. This is the invoice price plus the cost of transport and insurance. It also includes any other payments made or to be made for the imported goods.
There are six methods of valuation that apply in hierarchical order. If method 1 (transaction value) cannot be used then you should use the next method and so on:
- The transaction value method.
- The transaction value of identical goods.
- The transaction value of similar goods.
- The deductive method.
- The computed method.
- The residual valuation provision.
If you need further information see the customs manual on valuation.
Valuation declaration forms
A valuation declaration must be completed for every import consignment with a value in excess of €20,000 except where the:
- import is not commercial
- duty payable is not based on the value of the goods
- goods are liable to Value-Added Tax (VAT) only and the importer is registered for VAT
- goods are fruit and vegetables valued by the ‘unit price’ system.
Alternatively, a long-term declaration can be registered instead of a separate declaration for each import consignment for three years.
From November 2020, importers or their agents must declare consignments at import using Revenue's new Automated Import System (AIS). You will find further information in Automated Import System (AIS) or alternatively contact your Customs agent or Customs software provider.
If you require further information about valuation, contact the Origin and Valuation Unit.