VALUING YOUR PRODUCTS
In valuing any imported goods for duty assessment, Thai Customs uses the True Market Value principle for such purpose. The principle is in fact the building blocks of the valuation system under the Brussels Definition of Value (BDV) and Article 7 of the General Agreement on Tariff and Trade (GATT). True Market Value of the goods is defined as the wholesale cash price (exclusive of duty in the case of imports), for which goods of the like kind and quality would be sold without loss at the time and place of importation or exportation, as the case may be, without any deduction or abatement. For the vast majority of imports, the CIF invoiced price is accepted; however, in some exceptional cases, the value is established by reference to the maximum prices of the goods of a like kind and quality which have been brought into the country in a previous limited period, generally not more than one month in case raw materials and three months in the case of finished goods.
As the GATT Customs Valuation Code is now being increasingly adopted by many trading nations for uniform and neutral valuation of goods as well as prohibiting arbitrary or fictitious Customs value, Thai Customs realised the necessity and is moving towards adoption of this Code.
CLEARING IMPORTS
General information:
Importers or agents authorised by importers and approved by Customs must comply with the Customs laws and other customs related laws. Importers or agents must pay the full amount of duties and taxes or deposited cash security.
Documentation
Import entry has to be made quadruplicate, accompanied with supporting documents as follows:
Invoice
Packing list
Bill of lading/airway bill
Import license (if any)
Foreign transaction form 2 if an import value exceeds 500,000 Baht
Other documents (if any) e.g. Form D
Customs Duty
Types of duty that are applicable in Thailand:
Customs Import Duties at an ad valorem rate
Excise Tax for Excise Department and Interior Tax
Value Added Tax (VAT) for the Revenue Department
CLEARING EXPORTS
General information:
All exported commodities can be declared by exporter or his/her agent approved by Customs authority. They must take responsibility to the accuracy of the detailed information submitted. There are two items which are subject to export duties, i.e. raw hides of bovine animals and wood, as well as sawn wood.
Documentation
Export entry should be made duplicate and be submitted to the Export Customs Office, accompanied with the following documents:
an invoice
a packing list
a transaction form 1 if export value exceeds 500,000 Bahts
an export license (if any)