The customs value of goods is the stated monetary value assigned to goods being imported or exported for customs declarations. So when businesses declare goods for import, they must state the customs value of the goods in the customs declaration.
Further, the customs value of goods is needed to calculate customs duties, taxes, and fees that may be applicable.
Customs authorities use the customs value of goods to ensure that importers and exporters accurately declare the value of their goods and pay the appropriate duties and taxes owed to the government.
Accurate valuation of goods is essential for ensuring compliance with customs regulations and avoiding penalties or delays in customs clearance.
Read more about the customs value of goods here.