What is 'declaration of value' in SAP SD-FT - Foreign Trade?

declaration of value - Overview

• Component: SD-FT

• Component Name: Foreign Trade

• Description: Presentation of value of goods to customs authorities. This value is used for calculating customs tariffs owed. The duty rates for tariffs are primarily customs value rates.

declaration of value - Details

• 
  Key Concepts: 
  Declaration of value is a term used in SAP Foreign Trade (SD-FT) to refer to the value of goods declared for customs purposes. This value is used to calculate the applicable customs duties and taxes. It is important to ensure that the declared value is accurate, as incorrect declarations can lead to penalties and fines.
  
  How to use it: 
  In SAP Foreign Trade, the declaration of value is entered in the “Declaration of Value” field in the “Customs” tab of the sales document. The value should be entered in the currency of the country where the goods are being shipped. The system will then calculate any applicable customs duties and taxes based on this value.
  
  Tips & Tricks: 
  It is important to ensure that the declared value is accurate, as incorrect declarations can lead to penalties and fines. It is also important to ensure that the currency used for the declaration of value matches the currency of the country where the goods are being shipped.
  
  Related Information: 
  For more information on declaration of value in SAP Foreign Trade, please refer to SAP Help documentation at https://help.sap.com/viewer/product/SAP_ERP_SD_FT/6.0/en-US