The customs value is the value of goods upon which the customs debt (duty) is based. In most cases, it is calculated as the sum of:
- the invoiced amount for purchasing products
- shipping
- insurance cost
- royalties, licence fees (if any)
- other charges related to import
Example: We are importing solar panels into Greece from China under EXW (ex-works) terms with an invoiced amount of €200,000. Shipping is €4,000 and insurance is €500. The customs value of the solar panels is the sum of the above, i.e. €204,500.
If the invoiced amount was €204,500, under CIF delivery (cost, freight and insurance), which would include shipping and insurance, then the customs value would be based on €204,500.
