Amendment to Chapter IV of the Compendium of Customs Regulations in respect of the “Informe de Variación del Valor (IVV) of the DUS.

In the Official Gazette N° 40,458, dated January 14th, 2013, Resolution N° 10,955 has been published. There are many occasions in which the sale is not firm (for instance, in case of sales under condition when the final value of the goods will be subject to the fulfilments of certain predetermined conditions agreed between the parties, a free consignment sale in which the value indicated is a mere reference since the goods are sent to an agent or reseller who pays the seller only as and when the goods are sold and a consignment sale with minimum guaranteed in which the commercial invoice will indicate a minimum that will be guaranteed for the exporter). All in all, when the sale is not firm, either personally or through a customs agent the exporter will have to present a report denominated “Informe de Variación del Valor” (IVV) within a maximum time limit of 7 months since the legalization of the DUS. If he does not, he will be deemed to have committed an infringement according to article 176 letter (ñ) of the Customs Ordinance. Likewise, the amendment lists the expenses that the exporter will be entitled to deduct from the gross value do the goods he has exported. Finally, with the IVV the exporter will fulfil the third and last requisite of an export, which is to inform to Customs the final value of the operation in case the sale has not been agreed under firm terms.

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