Papua New Guinea Importing TaxesPapua New Guinea’s economy has undergone much transformation. The use of import taxes and excise tariffs has become crucial to the sustainment of the economy. The determination for the amount of the external tariff is governed by the Harmonized Commodity Coding System (HS); however whether or not a trade agreement governs the relationship between the parties involved must be considered. The HS system and ASYCUDA have been major driving forces in the development of customs procedures and for foreign trade procedures.
The following questions have been addressed in this article:How is valuation determined?