[2] The Convention on the Valuation of Goods for Customs Purposes was adopted in Brussels in 1950 and opened for national signatures on 15 December that year.
[4] Article VII of the GATT outlines the requirements for Valuation for Customs Purposes, and is applicable to all members of the World Trade Organization.
Article 1 defines transaction value as “the price actually paid or payable for the goods when sold for export to the country of importation.”[7] Article 1 must be read together with Article 8, which lets Customs authorities make adjustments to the transaction value in cases where certain specific parts of the good - considered to be a part of the value for customs purposes - are incurred by the buyer but are not actually included in the price paid or payable for the imported goods.
Article 8 also allows for the inclusion in transaction value of exchanges ("considerations") between the buyer and seller in forms other than money.
The methods of customs valuation, in descending order of precedence, are: In the United States, this hierarchy is codified in domestic legislation.