Businesses cannot afford to miscalculate their customs value or value for duty. Incorrect calculation of the duties and taxes owed on imported goods can result in penalties under the Administrative Monetary Penalty System as well as retroactive duty assessments.
Canadian companies that import goods from global purchasing affiliates should exercise particular care. In the 2008-2009 tax year, the Canada Border Services Agency (CBSA) has specifically targeted Canadian importers of large household appliances, ski apparel, bulk ore shipments, video (DVD) apparatus, gas turbine parts and light-duty automotive goods for valuation audits.
Determining the correct value for duty should take a central role in your business planning. PricewaterhouseCoopers can help you calculate the proper customs value of your merchandise.
Our customs specialists can help you determine the correct value for duty currently declared and for items that have received a customs ruling. We can also help you comply with the CBSA's and US Customs and Border Protection's changing requirements.
We take a proactive approach that will help you mitigate or avoid custom value errors through voluntary disclosure or turn errors into refund opportunities. And in the event of an audit, we will put our experience and knowledge to work for you.