SWORN STATEMENT OF VALUE: WHAT IT IS AND HOW TO ENSURE ITS CORRECT SUBMISSION
The sworn statement of value is an essential document in international trade used to ensure that the declared value of imported goods is correct. This value is key to determining customs duties and other applicable taxes.
What is the sworn statement of value?
It is a legal document in which the importer declares the value of the goods being brought into the country. This value includes the price paid for the goods, as well as other related costs such as transportation, insurance, and licensing fees.
Why is it important?
Correct submission of this document is crucial to avoid issues with customs authorities. An error or incorrect declaration can lead to:
- Fines or penalties
- Additional inspections
- Delays in the release of goods
What should it include?
- Detailed description of the goods
- FOB (Free On Board) value: Price of the goods at the port of origin, excluding transportation and insurance costs.
- Additional costs: Transportation, insurance, commissions, etc.
- Supporting documents: Invoices, purchase contracts, licensing agreements, etc.
