- The Directions are prescribed to govern the determination of customs value of imported used cars.
- The valuation of imported used cars shall be subject to the model year and equipment of actual imported cars identified by Customs at the port of entry and shall be governed by the application of Articles 29 through 35 of the Customs Act.
- The customs value of imported used cars, if Article 35 of the Customs Act applies, shall be determined in the following order.
- The methods of valuation employed shall be consistent with the valuation principles specified in Articles 29 through 34 of the Customs Act, applied with reasonable flexibility.
- Where the FOB value of other identical or similar new cars of the same model year and make having been determined by Customs, the customs value of the imported used cars would be such new cars’FOB value minus depreciation plus freight and insurance. Where the used cars are imported from Northern America and the said value is not available, the DEALER INVOICE PRICE of the same model year and make of cars listed in the KELLEY BLUE BOOK (KBB) minus depreciation has to be compared with the TRADE-IN price listed in the J.D. POWER, the US used cars magazine, and the lower of the two amounts shall be applied. However, this regulation does not apply to remodeled cars, hand-made cars and cars with limited numbers, and any other cars with low depreciation rate.
- Referenced market price of the exporting country provided by overseas consular official plus freight and insurance or referenced market price through valuation consultation with domestic car agents, dealers, or trade unions shall be applied.
- The customs value shall be determined using other reasonable means on the basis of price available.
- Identical goods: the requirement that identical goods should be exported at or about the same time as the goods being valued could be flexibly interpreted; identical imported goods produced in a country other than the country of exportation of goods being valued could be the basis for customs valuation; customs values of identical imported goods already determined under the provisions of Articles 33 and 34 of The Customs Act could be used.
- Similar goods: the requirement that the similar goods should be exported at or about the same time as the goods being valued could be flexibly interpreted; similar imported goods produced in a country other than the country of exportation of the goods being valued could be the basis for customs valuation; customs values of similar imported goods already determined under the provisions of Articles 33 and 34 of The Customs Act could be used.
- Deductive methods: the requirement that the goods shall have been sold in the “condition” in Paragraph 4 of Article 33 of The Customs Act could be flexibly interpreted; the “90 days” requirement could be administered flexibly.
The cars with limited numbers specified in Subparagraph 2 of Paragraph 1 means with annual production volume of less than 10,000 cars in the world and domestic sales less than 300 cars in the previous year; the cars with low depreciation rate means cars which depreciation rate of same model year and make of used cars listed in the J.D. POWER Magazine less than half of the depreciation rate in tables of Appendix 1.
- Years of depreciation of imported used cars is decided based on the arrival date of the means of transportation. The way to calculate years of depreciation and depreciation rate are listed in table of Appendix 1.
- Where the used cars stored in the bonded warehouse by D8 declaration are to be exited by D2 declaration for importing, years of depreciation of such used cars, if Article 35 of the Customs Act and these Directions applies, is decided based on the arrival date of the means of transportation.
- Where the imported used cars had originally been exempted from duties under the provision of Article 49 of the Customs Act, holders of such cars should repay the duties on account of a transfer of ownership or a change in purpose of use subject to Paragraph 1, Article 55 of the Act. The customs value of such cars shall be determined in accordance with the provision of Article 5 of Regulations for the Duty Repayment of Cargo Imported Under Duty Reduction or Exemption. The applicable depreciation year of the said cars shall be based on the year ownership is transferred or purpose of use is changed, and the depreciation rate is subject to Appendix 1.
- The customs valuation of smuggling used cars pursuant to Article 35 of the Customs Act and these Directions, years of depreciation of such used cars is decided based on the seizure date, and the depreciation rate is subject to Appendix 1.
- The customs valuation of inward passengers accompanied personal used cars shall be governed by the application of the preceding Paragraphs 2 and 3, and the way to calculate years of depreciation and depreciation rate is subject to Appendix 2.
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