EXPLANATORY STATEMENT
STATUTORY RULES 1984. No. 137
CUSTOMS REGULATIONS (AMENDMENT)
Issued by the Authority of the Minister of State for Industry and Commerce.
The Customs (Valuations) Amendment Act 1981 inserted a new Division 2 of Part VIII into the Customs Act 1901 dealing with the valuation of imported goods for the purposes of the Customs Tariff Act 1982. Section 156, in Division 2 of Part VIII of the Customs Act 1901 as amended, replaced the term “value of duty” with a new term “customs value”.
The purpose of the Regulation is to amend the Customs Regulations as a consequence of the use of the term “customs value” in Division 2 of Part VIII of the Customs Act 1901.
The Regulation consists of a table that omits the term “value for duty” and substitutes the term “customs value” in Customs Regulation 37(1)(f), sub-regulation 42(2) and Forms 45A and 46 in the Schedule to the Regulations.