Japan issues guidance concerning customs valuation opinion

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Japan’s customs bureau has recently issued guidance “customs valuation opinion” concerning how retroactive transfer price adjustments are to be addressed from a customs valuation perspective. The customs agency will consider adjustments as part of the customs value, whether the adjustments were upward or downward.

The customs authority also proposed a regime that would allow customs declarations to be filed from any customs area, provided that the importer or exporter is certified as an Authorized Economic Operator. The changes are expected to take effect in October 2017.

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