Customs valuation is the process of determining the value of goods or commodities for Government taxation purposes. The customs value serves as the foundation for the following activities:

computing the customs duty, imposed as a percentage of the total worth of the products and is known as 'ad valorem' duty
calculating the VAT on imported items
compiling trade statistics and reports
The UK and the European Union use the internationally recognised notion of 'customs value' developed by the World Trade Organization (WTO).

There are six methods to determine the value of goods:
Method 1: Transaction Value
Method 2: Transaction Value of identical goods
Method 3: Transaction Value of similar goods
Method 4: Deductive Method
Method 5: Computed Method
Method 6: Fall-back Method


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