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How to hide invoice value of original contract under high sea sale transactions
Will all buyers and sellers in a high sea sale transaction know each other about the sale value of goods? Can an Exporter/Importer hide invoice value of goods under High Sea Sale transactions?
In a high sea sale business, while assessing value of goods at import customs, the authorities may demand to disclose the actual value of goods at each high sea sale transactions from first high sea sale transactions to last transactions. The customs clearance procedures are undertaken at the destination customs location where in last high sea sale transaction effected. So the party who files import customs clearance at final port of destination requires the details of invoice value of previous transaction (s) where in previous parties may not like to disclose the selling price of each transaction.
Here the question is, how to customs clear the cargo under high sea sales without disclosing the details of sale value of previous high sea sale values.
In such cases, normally the first buyer of goods who originally contracted sale undertakes the responsibility of import customs clearance and procedures and delivers cargo to the final buyer under ‘high sea sales‘. Although the first buyer undertakes and customs clears the cargo, all required documents are filed in the name of final buyer under high sea sales, who is responsible to the authorities, as he holds the title of goods under high sea sales. You may also read other articles about high sea sale in this website to have a clear idea on the subject.
You may click here to read other articles about High Sea Sales :A simple tutorial on high sea sale procedures and formalities in India Major Documents required under High Sea Sales, Can high sea sales possible under air shipment?, Can high sea sale be effected more than two times?, Is sales tax applicable on shipments effected under high sea sales? How to check the time of contract on high sea sale transaction? Documentation procedures on high sea sale. Yes, I am sure, once after going through that articles you will have a good knowledge about High Sea Sales under International business.
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