What is the term ‘intrinsic value’ used for in customs?
The term ‘intrinsic value’ is used in several fields, such as investment, taxation, etc. In simple terms, it means the real value of an asset.
For customs purposes, the intrinsic value (note, it is not the ‘customs value’) of an item is important for the calculation of import VAT upon the importation of low-value consignments. The term is used for other purposes as well. For example, the lodging of an entry summary declaration might be waived in respect of goods in a consignment, the intrinsic value of which does not exceed 22 EUR.
Source Customs Clearance
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