The World Customs Organization (WCO) has a published a new guide for customs officials designed to move the debate forward on the issue of the harmonization of customs valuation and transfer pricing valuation.
The guide, released June 24, encourages customs officials to consider transfer pricing documentation prepared for direct tax purposes when determining whether a price declared for imported goods by a multinational in a related party transaction has been influenced by the parties relationship. Officials are also encouraged to provide advance customs valuation rulings.
The paper discusses whether and to what extent a transfer pricing adjustment should have an impact on customs value. It also lists recommended practices for both customs officials and business.
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