The Canada Border Services Agency (CBSA) is giving an opportunity to interested stakeholders to send comments and questions on future regulatory amendments to the Valuation for Duty Regulations.
The Federal Budget of 2021 proposed changes to the Customs Act to improve duty and tax collection, by ensuring that goods are valued in a fair and consistent manner by all importers as a means to level the playing field between domestic and foreign businesses.
The measures now under consideration by CBSA include:
1. Define the scope of “sold for export to Canada” to specify the relevant transaction for export which forms the basis of the transaction value of the goods.
2. Clarify the definition of “purchaser in Canada”, as well as the associated definitions of “resident” and “permanent establishment”, and ensure the relevant sale for export forms the basis of the transaction value of the goods.
Stakeholder have until July 4 to submit their feedback and questions.