NCS/ARS/VL/10280

We are in receipt of your application requesting for an advance ruling on valuation of your product, Toluene Diisocyanate (TDI 80/20). This product will be imported in a total of 480 drums with a net weight of 120 Metric Tonnes (MT).

The following values presented in your invoice has been approved and accepted as the transaction value of your product:

a. Free on Board (FOB): $1,610.00 per MT net.

b. Freight: $255 per MT net

c. Cost + Freight (CFR): $1, 865 per MT net.

d. Total FOB: $ 193, 200.00

e. Total Freight: $ 30,600.00

f. Total CFR: $ 223,800.00

However, the above value is exclusive of the insurance cost which will be borne by the importer according to the International Commercial Terms (INCOTERMS) Agreement between the buyer and the seller. You have agreed that the insurance will be calculated and included at the point of processing all import documents.

Kindly note that the above values are subject to amendments based on the extant exchange rates implemented at the time of processing the pre-shipment the import documents in line with the provisions of Section (67) subsection (1)(a)(iii) of the Nigeria Customs Service Act 2023.

Legal Framework - Valuation Methodology

Transaction Value Method (Section 69 NCSA 2023), (GATT Article VII (1).)