Finance Act, 1952

Valuation of imported goods.

15.—(1) (a) For the purpose of any enactment (whether contained in an Act or an Order) for the time being in force under which a duty of customs is chargeable on goods by reference to their value, the value of any imported goods shall, whether it is or is not otherwise specifically provided, be that laid down in the Third Schedule to this Act, and duty shall be paid on that value:

Provided that, in the case of goods imported under a contract of sale and entered for home consumption, duty shall be deemed to have been paid on that value if, before the goods are delivered for home consumption, duty is tendered and accepted on a declared value based on the contract price.

(b) The value of any imported goods which it is otherwise necessary to value for the purpose of any enactment (whether contained in an Act or an Order) for the time being in force relating to the customs shall, unless it is otherwise specifically provided, also be that laid down in the Third Schedule to this Act.

(2) For the purpose of the proviso to paragraph (a) of subsection (1) of this section—

(a) the declared value of any goods is their value as declared by or on behalf of the importer in making entry of the goods for home consumption;

(b) that value shall be deemed to be based on the contract price if, but only if, it represents that price properly adjusted to take account of circumstances differentiating the contract from such a contract of sale as is contemplated by the Third Schedule to this Act;

(c) the rate of exchange to be used for determining the equivalent in Irish currency of any foreign currency shall be the selling rate in the State on the date on which the goods are entered for home consumption.

(3) The Revenue Commissioners may make regulations for the purpose of giving effect to the provisions of the foregoing subsections of this section, and in particular for requiring any importer or other person concerned with the importation of goods to furnish to the Revenue Commissioners, in such form as they may require, such information as is, in their opinion, necessary for a proper valuation of the goods, and to produce any books of account or other documents of whatever nature relating to the purchase, importation, or sale of the goods by that person.

(4) Where a person contravenes, or refuses or fails to comply with, any regulation made under subsection (3) of this section, he shall be guilty of an offence and shall be liable on summary conviction thereof to a customs penalty of fifty pounds.