05.04.2022

Today, I wanted to talk a bit about the Valuation Notification Form. In fact, it would be more appropriate to call it the "form of unknown value."

Those with some experience might remember that until 2014, this form was submitted to customs along with the customs declaration and was then archived with the customs declarations.

In reality, it is still filled out alongside the customs declaration, but since it is completed electronically, it is not submitted in paper form to the customs authorities.

It seems that the form is considered to be of no value, as it is no longer even communicated to companies among the completed customs files.

You might say, "It’s filled out electronically, what’s the big deal?" and I agree, printing out an electronically completed form is a waste of paper.

However, I believe that knowing and checking what is declared in this form is as important as the customs declaration itself.

Here are a few of the questions included in the form:

• Are the buyer and seller in a relationship?
• Did the relationship affect the price of the imported goods?
• Is the sales price of the imported goods close to any of the COMPARABLE values specified in Article 24/2-b of the Customs Law?
• Are there any ROYALTIES or LICENSE FEES not included in the price as sales conditions for the goods whose value is to be determined?
• ........

There are more questions like these.

These questions are answered for each import and for each imported item.

A significant portion of the information declared in the Valuation Notification Form is critical, especially for foreign companies, and should be clarified with expert support. Therefore, it is essential to analyze it regularly with finance, accounting, customs consultants, and tax and customs advisors.

It is beneficial to recognize the value of this form before it is too late.