Transaction Value-Method 1

The WTO Valuation Agreement replaced the GATT Valuation code as a result of the Uruguay Round multilateral trade negotiations which created the _______ in 1994.

• ASEAN

• WTO

• AHTN

• APEC

Which of the following is not to be considered as customs duty?

• Mix/Compound Duty

• Ad Valorem Duty

• Ad Valorem Tax

• Specific Duty

Which of the following statements is true?

• Customs Valuation Methods shall be used in sequential order without any exception.

• Deductive Method shall be used, upon request of the importer, if the customs value cannot be determined in Method 3

• Customs Valuation System shall be used in all importations and exportations

• None of the choices

Customs treated the following situation as transaction which there is no sale, except;

• Goods imported on consignment

• Goods imported by branch offices, w/c are separate legal entities

• Goods imported under hire or leasing contract

• Goods supplied on loan, which remain property of the sender

Under Transaction Value, up to which civil degree of affinity or consanguinity where the buyer and seller is treated as related?

• 4^th Civil Degree

• 5^th Civil Degree

• 5^th Civil Degree

• No regulation imposed

It is the price actually paid or payable for the goods when sold for export to the Philippines adjusted in accordance with the provisions as stated in CMTA.

• Home Consumption Value

• Transaction Value

• Fair Market Value

• Export Value

Mr. Hipolito purchase goods from Mrs. Entrata in Osaka, Japan, who is actually the wife of the brother of his first cousin’s friend. Are they related?

• Yes, because they are relate in 4^th civil degree

• No, because they are related in 5^th civil degree

• No, because they are related in 6^th civil degree

• No

Following documents are proof that "SALE" exist, except;

• Commercial Invoice

• Packing List

• Contract Agreement

• Lease Contract

Refers to previously accepted values which are used for comparison only and are not to be used for customs valuation.

• Test Value

• Transaction Value

• Fair Market Value

• Export Value

Mr. Lammen purchase from Ms. Micha 400 pcs of assorted articles originating from Thailand. Ms. Micha is actually the first cousin of his father's brother. Are they related party?

• Yes, because they are relate in 4^th civil degree

• No, because they are related in 5^th civil degree

• No, because they are related in 6^th civil degree

• No