Australian Customs produces guidance on valuation and transfer pricing
July 23, 2009
The Australian Customs authorities have released guidance detailing how taxpayers should apply for a valuation advice relating to transfer pricing.
The practice statement from the Australian Customs and Border Protection Service (ACBPS), which only applies to imported goods and not, for example, services or loans, explains that a transfer pricing adjustment to a sale of goods between related parties may mean the Customs value of the imports may also need to go up or down after they have entered Australia. Customs duty adjustments can also have implications for goods and services tax.
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