Section 71: Transaction value of similar goods

1 Where the customs value of the imported goods cannot be determined under the provision of sections 69 and 70 of this Act, the customs value shall be the transaction value of similar goods sold for export to Nigeria and exported at or about the same time as the goods being valued.

2 In the application of the provision of this section, the transaction value of similar goods in a sale at the same commercial level and substantially the same quantity as the goods being valued shall be used to determine the customs value.

3 When no such sale is found, the transaction value of similar goods sold at a different commercial level or in different quantities, adjusted to take account other of difference attributable to commercial level or to quantity, shall be used:

Provided that such adjustments can be made on the basis of demonstrated evidence which clearly establishes the reasonableness and accuracy of the adjustment, whether the adjustment leads to an increase or a decrease in value.

4 Where more than one transaction value of similar goods is found, the lowest of such value shall be used to determine the customs value of the imported goods.

5 In determining customs value under this section, the additions to transaction value authorised by section 69 (10) of this Act shall be taken into account.