CCS - Certified Customs Specialist Customs Valuation Principles Questions and Answers

Question 1

According to the WTO Customs Valuation Agreement, which of the following is the primary and most commonly used method for determining the customs value of imported goods?

Accepted Answer

Transaction Value Method

Answer

Deductive Value Method

Answer

Computed Value Method

Answer

Fallback Method

Question 2

An importer is unable to use the Transaction Value method because the sale was subject to a condition for which a value cannot be determined. The importer also cannot find sales of identical or similar goods. Which valuation method should be considered next in the standard hierarchy?

Accepted Answer

Deductive Value Method

Answer

Computed Value Method

Answer

Fallback Method

Answer

Transaction Value of Similar Goods Method

Question 3

Which of the following costs incurred by the buyer must be ADDED to the price actually paid or payable when using the Transaction Value Method?

Accepted Answer

Royalties related to the goods that are a condition of the sale.

Answer

International freight and insurance costs.

Answer

Customs duties paid in the importing country.

Answer

The cost of a buying agent's commission.

Question 4

An importer brings in a shipment of unique, custom-made machinery. There is a valid sale for export, but Customs has reasonable doubt about the accuracy of the declared value and cannot verify it. No identical or similar goods have been imported. The goods will not be resold in the country of importation. Which valuation method is most appropriate in this situation?

Accepted Answer

Computed Value Method

Answer

Transaction Value Method

Answer

Deductive Value Method

Answer

Fallback Method

Question 5

The 'Fallback Method' of customs valuation should be used only when:

Accepted Answer

All other prescribed valuation methods cannot be reasonably applied.

Answer

The importer prefers to use it for simplicity.

Answer

The transaction value is between related parties.

Answer

The customs value is less than a nationally determined minimum value.

Question 6

When applying the Deductive Value Method, which of the following is subtracted from the unit price of the goods sold in the country of importation?

Accepted Answer

Commissions or profit and general expenses incurred in connection with sales in the importing country.

Answer

The cost of raw materials used in production.

Answer

The profit and general expenses of the foreign manufacturer.

Answer

Royalties paid by the manufacturer in the country of export.