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?What does overestimation of value mean

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What does overestimation of value mean?

Overestimation of value is one of the terms in performing customs formalities. This term is one of the most important customs terms, if there is a difference in the calculation of value, you will be fined by the customs.  Overestimation of value in commerce occurs when you overstate the value of a commodity.  For instance, in some cases when the traders want higher bank facilities the overstate the real value of the goods. Or in some cases people overestimate the value of goods in order to do money laundering and exit currency from country, these actions are illegal and in case if customs discovers there will be certain consequences. Overestimation of value is more important when the price of government currency differs from the currency in the market.

When you import goods to other countries, you must declare the goods at the customs of the destination country so that the customs cost of the goods is calculated and paid according to the laws of that country. At this point overestimation of goods is identified. Some people at this stage by preparing fake receipts present the purchase price of the product much more than it should be.

How is the overestimation of value determined?

When this stage is completed the customs of Iran studies the sale documents in order to determine real value of the goods. In order to do this, customs use TSC website. After completing these processes, the value of your goods will be determined after entering country.

Now that we described how is the value of goods determined I should also mention, there are also objections in this field since some people manipulate invoices and purchase receipts to increase the value of the product. But you should note that after declaration of goods all of documents are checked. Even underestimating the value of goods is checked. If the value, you declared is lower than the value stated in TSC website this shows you underestimated the value pf goods. It does not make any difference that you overestimated the value or underestimated it in both cases you will meet its consequences. When the value of your goods is determined and announce you can object it in within 30 days.

How to object to the value of goods?

If there is a difference between the value, the trader declared and the value that customs declared the objection committee will investigate it. If before the clearance of goods, the customs announces that the trader has overestimated the value of goods the trader can object to this decision within 30 days. After this period, the investigation of the objection can be followed up in accordance with the article of the commission.

In a few cases customs discovers overestimation of goods after clearance of goods, in this case there is no period for objection and the customs informs the related bank. If the trader does not accept this decision, his objection will be investigated in commission.

If a final decision is issued regarding the overestimation and the owner of the goods does not accept it, the complaints will be referred to the bank for investigation of currency violations and to the government penitentiary organization. The overestimation pf value of commercial goods is one of the most common cases in the Court of Administrative Justice.

Soltan Yaghoot Co. Ltd.

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