Australia Customs Issues Guidance About Post-Import Adjustments
Australia’s customs agency recently reissued a guidance on the “voluntary disclosure of post-importation adjustments,” reminding importers they must disclose any goods-related transfer pricing adjustments “as soon as the importer becomes aware of them,” according to an Oct. 24 post from…
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KPMG. Importers must also disclose certain other payments and costs “not included in the customs value of the goods at the time of importation,” KPMG said, including royalties, license fees, research and development costs, certain commissions, proceeds from selling the goods and “any other goods-related payments.” Under Australia’s “customs self-assessment regime,” importers are required to determine what payments must be included in the customs value, the post said, and non-disclosures are subject to infringement notices and penalties.