The Rules Regarding the Determination of Customs Value Sample Clauses

The Rules Regarding the Determination of Customs Value. Due to the fact that China has adopted the transaction value as the basis for determining customs value of imported goods, in order to provide the detailed rules regarding customs valuation, the General Administration of Customs promulgated and published the Rules of General Administration of Customs of the People’s Republic of China Regarding Determination on Customs Value of Imported and Exported Goods (hereinafter referred to as the Rules), on December 25, 2001. The Rules shall come into force on January 1, 2002. The Rules are formulated to determine correctly the customs value of imported and exported goods in accordance with the Customs Law of the People’s Republic of China, the Regulations on Import and Export Tariff of the People’s Republic of China and other related laws and regulations. Customs administration shall, in accordance with the Rules, determine the customs value of imported and exported goods complying with the principles of objectivity, fairness and uniformity. Now we could see that China had established a legal framework to provide guidelines on valuation and better apply the valuation rules (see Appendix: the legal text of the Rules).
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