CHAPTER 4
VALUATION
POLICY
F-M will use reasonable care in declaring accurate and complete values on Customs entries. For transactions involving related parties, F-M has an established pricing policy. This policy must be followed in all related party import transactions. Any questions about the applicability of the policy to a particular transaction should be referred to either the Global Trade Compliance Manager or the Global Tax Department.
On occasion, F-M provides tooling to foreign suppliers for purposes of manufacturing imported products. F-M will take steps to ensure that the complete transaction value, including any additions to the price actually paid or payable, is reported to Customs in accordance with applicable laws and regulations. Due to the difficulty involved in identifying assists, efficient interdepartmental communication must be maintained among the Import / Export Coordinator, local Finance Manager, and local Tax Manager.
In addition, F-M will promptly notify Customs of any value discrepancies discovered subsequent to entry filing. Incorrect values could result in overpayment/underpayment of duties and in monetary penalties.
CHAPTER 4VALUATIONPOLICYF-M will use reasonable care in declaring accurate and complete values on Customs entries. For transactions involving related parties, F-M has an established pricing policy. This policy must be followed in all related party import transactions. Any questions about the applicability of the policy to a particular transaction should be referred to either the Global Trade Compliance Manager or the Global Tax Department.On occasion, F-M provides tooling to foreign suppliers for purposes of manufacturing imported products. F-M will take steps to ensure that the complete transaction value, including any additions to the price actually paid or payable, is reported to Customs in accordance with applicable laws and regulations. Due to the difficulty involved in identifying assists, efficient interdepartmental communication must be maintained among the Import / Export Coordinator, local Finance Manager, and local Tax Manager.In addition, F-M will promptly notify Customs of any value discrepancies discovered subsequent to entry filing. Incorrect values could result in overpayment/underpayment of duties and in monetary penalties.
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