ABSTRACT
The value of a product is formed by several cost elements such as material, processing, delivery and profit. In addition the value can be expressed in several ways, for instance, in terms of cost or price. It would be extremely inefficient if each country developed its own calculation method to value the goods arriving at its border. International trade therefore uses a standard valuation methodology. Valuation, one of the four basic principles of Customs management, is the process used to calculate the value of the goods for Customs purposes. This value is the taxable base upon which duties and taxes will be assessed.
