SVB Registration and Refund Services
The special Valuation Branch or SVB is the branch of customs that deals with duties and taxes for consignment transactions when the sender and receiver are related. These relations include family, business partners, people involved in each other’s business or two persons working for the same organization.
Why is SVB registration important?
Taxes and import duties levied on each consignment are calculated based on the value of its contents that is stated by the consignee. When the sender and receiver (buyer and seller in a business transaction) are related, the seller may sell the product at a lower rate as compared to the actual market value of the commodity.
As a result, the value of the consignment reduces, resulting in a reduction in the taxes to be collected by the customs department. This is a huge loss of money for the government and thus needs to be regulated by the customs.
