UPDATE: 6/26/2023— The original 30-day consultation period to provide comments on the proposed amendments to the Valuation for Duty Regulations has been extended to July 26, 2023.
The Canada Border Services Agency (CBSA) published draft amendments to the Valuation for Duty Regulations. These amendments may impact your importation processes and costs.
If adopted, the following will be in effect:
- Increase declared values for duty, affecting customs duties and GST payable for imported goods.
- If the importer—resident or non-resident—has agreed, prior to importation, to sell the goods to a customer in Canada, the importer must use its selling price rather than its purchase price as the basis for the value for duty.
- This will especially impact wholesalers, retailers and e-commerce sellers.
A 30-day consultation period is in place until June 26, 2023, for stakeholders to provide comments on the proposal of these amendments.
By Clarissa Chiclana