- New Zealand Customs focuses on compliance for importers with post-importation adjustments.
- The Provisional Values Scheme (PVS) allows importers to use reasonable estimates for customs value.
- Importers must reconcile provisional estimates with final amounts to adjust duties.
- Overpayments can be refunded, and underpayments do not incur penalties or interest.
- Automatic qualification for PVS is based on transfer pricing, license and royalties, or further proceeds criteria.
- Importers must notify Customs before using provisional values.
- PVS benefits include importing at provisional amounts and reconciling within 12 months without interest on underpayments.
- Without PVS, significant variations require voluntary disclosure to Customs.
Source: taxathand.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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