How goods are valued for import duties

How goods are valued for import duties?

For the purpose of computing import duty, the value of the goods is the open market price inclusive of freight, insurance, commission and all other costs, charges and expenses (except customs duties) incidental to the purchase and delivery of the goods to the place of import. On such a date to be appointed by the Minister of Finance, the value of goods for the purpose of computing customs duties will be determined in line with the World Trade Organisation (WTO) principles of customs valuation.

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