Credit In Respect Of Earlier Transactions
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This procedure outlines the treatment of credits in respect of earlier transactions.

Guidelines and General Information

The amount of the credit represents an amount already paid to the seller which is the price paid or payable and is the total payment made to the seller by the buyer for the imported goods thus, the credit is part of the price paid and for customs valuation purposes must be included in the transaction value.

The treatment accorded to the previous transaction, which gave rise to the credit, must be decided separately from any decision on the proper Customs Value of the present shipment. See Section 25 – 29 of the Customs Act and Regulation 46 of the Customs Regulations for the treatment of damaged goods.