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What is value and what value is used for Customs and Border Protection purposes?
The value to declare for CBP purposes is the price paid or payable for the goods. Any selling commissions, assists, royalties, packing and proceeds must also be factored in and is a part of the value. Failure to include the above is undervaluing the goods and may result in penalties. Duty is assessed on the price paid and does not include freight and insurance charges. All prices in foreign currency must be converted to U.S. dollars to assess duty on the amount. For more information on CBP valuations regulations, please reference the Informed Compliance Publication, Customs Value.
Customs & Border Protection (CBP), Department of Homeland Security
http://www.cbp.gov/
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