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Customs Penalty Upheld even though Taxpayer Voluntarily Amended Customs Value (Tax Tribunal decision)

The Tax Tribunal upheld (2022-Customs-0031, 2 February 2023) a penalty imposed by the customs authority even though the taxpayer voluntarily amended its customs value on its import declaration to reflect an annual transfer-pricing based post-compensating adjustment paid to its affiliates.

Source: KPMG

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