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Value of imported goods

21 of May 2014

Value of imported goods

The Andean Community updated Decision 571 related to the customs value of imported goods, through Resolution 1684, 2014, which will be enforced since the 23 of July of this year.

Resolution 1684, 2014, adopts the Community Regulation on the Customs Value Applied to Goods Imported into Community Customs Territory. It replaces previous Andean Community Resolutions 846 and 1486 both which regulated the customs value applied to goods imported into Community Customs Territory and leaves without effect articles 3 and 7 of Resolution 1239.

In general, Resolution 1684 implements for Colombia, Peru, Ecuador and Bolivia, the Agreement on implementation of Article VII of the General Agreement on Tariffs and Trade 1994.

The Resolution therefore exposes the different valuation systems used to determine the customs value of imported goods. It also stipulates the preeminence of the transaction value as a method to determine customs value, based on the actual price of the good plus the adjustments of certain elements listed in Article 8 of the Agreement.