Korean Practice News Letter, Current Issue - Issue 3

Korean Practice News Letter, Current Issue - Issue 3

U.S. importers received welcome news on May 30, 2012, when the U.S. Customs and Border Protection (“CBP”) agency finalized a long-awaited revision to its policy on transfer price adjustments.

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CBP clarified that, under certain circumstances, transfer price adjustments are compatible with the customs “transaction value” method, and modified its policy to now allow duty refunds for downward transfer price adjustments. This article provides a summary of CBP’s new policy, including observations and considerations addressing transfer price adjustments from a customs perspective.

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