Additional funds are required when customs valuation exceeds the current value of the goods/permits by more than 10% of the C.I.F. (Cost Insurance and Freight) US$ value. All relevant fees are payable.
HOW TO CALCULATE
Additional funds are calculated using either of the following documentation:
- Bill of Sight
- Custom Entry (C78)
- If the additional funds required exceed the current value of the goods by more than 10%, the application is required to submit a new application 'In-Lieu-Of' the existing one.
- To calculate the additional funds, the License Officer is required to use the customs valuation (C.I.F JA$) shown on the Customs Entry/Bill of Sight.
- This valuation must be accepted and sign by a Customs Officer.
- The customs valuation must then be divided by the exchange rate that the invoice is written in.
- Finally, the value of the goods on the original permit is then subtracted from this new valuation to arrive at the additional funds required.