All goods entering the country for commercial purposes need to have a value attached. The “Customs value” of the product forms the basis for VAT and Customs duty calculations. Determining the “Customs value” of products imported is not always as simple as referring to the commercial invoice.
Of particular interest are imports from related parties. Not only must the relationship with the supplier / exporter be declared, but a value determination by SARS for all imports from the related party is required.
This area needs to be considered closely with an importer’s existing Transfer Pricing Policies.
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