In plain English
This is the official value assigned to imported goods when customs deals with them. It is worked out under customs valuation rules and used to calculate duty and import tax.
In context
Here, "customs value" labels the field for stating the value of the imported goods for customs purposes, as determined under customs valuation rules and used to assess duty and import tax.
- Situation
- Completing customs, import, export, duty, declaration, and clearance administration
- What it communicates
- labels the value field used in the import entry form.
Meaning limits
The term itself does not say what the amount is, only what kind of value is meant.
Examples
“Customs duty on the imported bicycles was calculated from a customs value lower than the later retail price.”
“The agent entered the declared amount for the imported goods under Customs value on the form.”