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CMA Final · Indirect Tax Laws and Practice · Valuation and Related Party Transactions

Goods are cleared for home consumption on a bill of entry presented under section 46 on 10 March. The bill is presented before the vessel's entry inwards, and the vessel's entry inwards takes place on 14 March. Duty is paid on 18 March. The rate of duty and tariff valuation applicable under Section 15 are those in force on:

The applicable rate of duty and tariff valuation are those in force on 14 March. A bill of entry presented before the vessel's entry inwards is deemed presented on the date of that entry inwards, under the proviso to Section 15(1), so neither 10 March nor payment date applies.

  1. A10 March, the date the bill of entry was presented
  2. B14 March, the date of entry inwards of the vesselCorrect
  3. C18 March, the date of payment of duty
  4. DThe date on which the goods were shipped from the foreign port

Explanation

Section 15(1)(a) uses the date the bill of entry is presented. The proviso says that if the bill is presented before the entry inwards of the vessel, it is deemed presented on the date of entry inwards, i.e. 14 March. Payment date applies only to 'any other goods' under clause (c).

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