Price Details On Commercial Invoices Must Always Be Fully Accurate And Verifiable
It’s essential that all the information you provide on your commercial invoices (CI) is 100% accurate at all times.
It’s also especially important that correct unit prices are shown for each of the commodities contained in your shipments, because customs officers use these values to calculate and collect any import duties and taxes due in the destination country.
These are vital requirements, because EMEA customs authorities do not take the prices quoted on CIs for granted. If they have any doubt or suspicion, they ask us to detain the shipment and obtain clear evidence from our consignees/importers to prove that the prices quoted are correct.
The clear experience of all our FedEx clearing experts is that once a customs authority loses confidence in the accuracy of pricing information on a shipper’s CIs, all further shipments organised by that shipper can result in:
- extra paperwork or package examination;
- requests for proof of payment;
- serious clearance delays and lost time;
- significant extra charges.
All such problems – not forgetting the danger of harming good customer and business relationships – are completely avoidable as long as shippers always provide fully accurate information.
We therefore urge you to ensure that you always quote correct prices on your CIs and that all other information that appears on them is also fully accurate.
NB the “transaction value” is the most common method used to arrive at the true price of an item. It is the price actually paid or due to be paid by the buyer to (or for the benefit of) the seller of the imported goods. It also includes all payments made as a condition of sale of the imported goods by the buyer to the seller (or by the buyer to a third party) to satisfy an obligation of the seller.
Further information on the customs value of imported goods and a detailed explanation on the six available valuation methods can be found here.