Customs value

When a nomination is registered in Atlas, the value of the parcel is recorded by CS in line with the current market value. This is a manual process carried out by CS. The market value is usually provided by the customer. Otherwise, it is obtained by CS from publicly available market data sources, such as Platts Market Data from S&P.

When a parcel is intended to be released for free circulation, CS registers an import service in Atlas. IfWhere the applicable import duty rate is 0%, or if the productgoods qualifiesqualify for preferential treatment upon import, or where a specific duty applies (i.e., duties are not calculated over the market value isbut usedover inanother factor such as weight), the relevant customs declaration.value Thisdeclared pragmaticserves approacha purely statistical purpose and has beenno financial impact. In such cases, VTTI has agreed upon with the customs authorities.authorities vastgelegd?to apply the “reasonable means” method as an alternative method of customs valuation, in accordance with Article 74(3) of the UCC. More specifically, VTTI determines the customs value on the basis of the current market value of the relevant product..

If the import duty rate exceeds 0% and, no preferential treatment applies,applies and customs duties due are calculated on an ad valorem basis, the customs value will in principle be determined in line with the transaction value method, in accordance with article 70 of the UCC.

CS requests the customer to provide the customs value, determined in accordance with the transaction value method. In such cases, the import service can only be booked in Atlas once an invoice has been uploaded.

such cases, the system requires an invoice