New Regulation on Valuation Advice
- November 14, 2018
- Posted by: Administrator
- Category: Consultant, Info 2, Tax News
On 21 September 2018, the MoF issued a new Regulation No. 134/PMK.04/2018 concerning the Procedures for Submission and Granting of Valuation Advice. Valuation Advice is a guideline for calculation of Customs Value on goods to be imported, which covers customs implication on costs and/or value that should be added, deducted or excluded from transaction value, before the submission of an import declaration form (PIB).
This new regulation is aim to speed up the clearance process from the Ports. For the purpose of import value computation, the importer may submit an application to the Director General of Customs and Excise (“DGCE”) for Valuation Advice. The Valuation advice will be processed provided the following requirements are met:
- Submitted by an importer that has obtained customs access identity;
- One application for one substance which is not currently:
a. being filed for or undergoing any process of objection or appeal; or
b. undergoing any process of customs and excise audit;
- The PIB on the concerned goods has not been submitted; and
- The imported goods must be an object of “sale and purchase” transactions.
The time line for issuance of Valuation Advice is as follows:
- Within 30 working days for an importer having status as Authorized Economic Importer or Main Partner (Mitra Utama); and
- Within 40 working days for other importers, since the properly completed application is submitted.
Valuation Advice is valid for 3 (three) years from the date of issuance, insofar as the conditions of the transaction at the time of import are in accordance with the conditions of the transactions contained in the Valuation Advice. MoF Regulation Number 134/PMK.04/2018 became effective on 1 November 2018.