‘Valuation Criteria’ System for Imports Repealed

Through General Resolution 5582/2024, published today, October 9, 2024, in the Official Gazette, General Resolution 2730/2009 was repealed. This Resolution had established the “valuation criteria” system for imports, which meant that when a kind of good was included in this regime and the value the importer declared was lower than the ‘valuation criteria’ set, it had to set up a guarantee to obtain customs clearance. In these cases, the importer had to further justify the declared value after importing.

General Resolution 5582/2024 establishes that Customs may, only on the basis of justified and objective data, select import operations and request to set up a guarantee when material differences between the value the importer declared and the value resulting from applying import valuation rules comes up. This new regulation establishes that the guarantee must be automatically returned to the importer in less than 120 calendar days.

The new regime will come into force on October 10, 2024. Ongoing valuation control procedures will still be regulated by prior rules, but either the guarantees set up under that regulation must be automatically returned to importers or Customs must notify the corresponding tax claim in less than 90 calendar days.