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(1) For customs purposes, “customs value” is the transaction value or the price actually paid or payable for goods imported into this country, except in cases where provision is specifically made for another method of determining customs value.

(2) The price actually paid or payable is the total payment made or to be made by

(a) the buyer to the seller, or

(b) the buyer to a third party for the benefit of the seller for the imported goods and includes all payments made or to be made as a condition of sale of the imported goods.

(3) The customs value shall be adjusted to include the following:

(a) the cost of transport for importing the goods into the country

(b) charges for loading, unloading and handling associated with the transport for importing the goods into the country; and

(c) the rate of insurance calculated as provided by the relevant enactment, where the importer fails to declare the insurance paid.

(4) In determining the customs value, any additions made to the price paid or payable shall be added for the following, where they are incurred by the buyer but are not already included in the price actually paid or payable in respect of the goods:

(a) the cost of packing whether for labour or materials;

(b) commissions and brokerage except the buying commission;

(c) the cost of containers which are treated as being one for customs purposes with the goods in question;

(d) the value, apportioned as appropriate, of the following goods and services where they are supplied directly or indirectly by the buyer free of charge or at a reduced cost for use in connection with the production or sale for export to this country of the goods imported

(i) materials, components and parts incorporated in the goods that are imported;

(ii) tools, dies, and moulds;

(iii) materials consumed in the production of the goods that are imported; and

(iv) engineering, development, artwork, design work, and plans and sketches undertaken outside the country that are necessary for the production of the goods that are imported;

(e) royalties and license fees that the buyer shall pay as a condition of sale of the goods; and

(f) proceeds of a subsequent resale, disposal, or use of the goods that are imported goods and accrue directly or indirectly to the seller.

(5) The following are excluded from the price, where the person shows that the goods are separate from the price paid or payable:

(a) charges for the transport of goods after the arrival of the goods in the country;

(b) charges for construction, erection, assembly, maintenance, or technical assistance, undertaken after importation; and

(c) duty payable in the country in connection with the goods that are imported.

(6) The price shall be used as the transaction value only if there are no restrictions placed on the use of the goods other than the following:

(a) restrictions imposed or required by law or by the public authorities in the country;

(b) limitations in respect of the geographical area in which the goods may be resold; or

(c) restrictions that do not substantially affect the customs value of the goods.

(7) The price shall not be subject to conditions or considerations for which a value cannot be determined.

(8) Where there is a subsequent resale, disposal or use of goods part of the proceeds of the subsequent resale, disposal, or use of the goods shall not accrue directly or indirectly to the seller, unless an appropriate adjustment can be made.

(9) Where the buyer and seller are related, the importer shall prove that the relationship did not influence the price, or that the price closely approximates one of the following:

(a) the transaction value in sales between unrelated buyers and sellers of identical or similar goods for export from the country of origin; or

(b) the deductive or computed value of identical or similar goods, and the values used for comparison relate to goods imported into the country at or about the same time as the goods being appraised.

(10) In applying the comparison values to related party sales, the following shall be taken into consideration:

(a) whether the sale occurred at or about the same time; and

(b) differences between the cost incurred in sales in which the seller and the buyer are not related and sales in which the seller and the buyer are related.

(11) For the purposes of this section persons are deemed to be related only if:

(a) they are officers or directors of one another’s business;

(b) they are legally recognised partners in business;

(c) they are employer and employee;

(d) any person who directly or indirectly owns, controls or holds five percent or more of the outstanding voting stock or shares or both of them;

(e) one of them directly or indirectly controls the other;

(f) both of them are directly or indirectly controlled by a third person;

(g) together they directly or indirectly control a third person; or

(h) they are members of the same family.