VNM definition
VNM means the value of non-originating materials used to manufacture the product, and which is its customs value at the time of importation including freight, insurance, where appropriate, packing and all the other costs incurred in transporting the materials to the importation port in the Party where the producer of the product is located; where that customs value is not known and cannot be ascertained, the first ascertainable price paid for the
VNM is the value of non-originating materials used in the production of a good.
VNM means the value of the non-originating materials used in the production of the product which is its customs value at the time of importation including freight, insurance if appropriate, packing and all other costs incurred in transporting the materials to the importation port in the Party where the producer of the product is located. If the value of the non-originating materials is not known and cannot be ascertained, the first ascertainable price paid for the non-originating materials in the Union or in New Zealand shall be used. The value of the non-originating materials used in the production of the product may be calculated on the basis of the weighted average cost formula or other inventory valuation method under accounting principles which are generally accepted in the Party; and
Examples of VNM in a sentence
A regional value content requirement specified in this Chapter is calculated as follows: RVC = FOB - VNM / FOB x 100 where: RVC is the regional value content of a good, expressed as a percentage; FOB is defined in Article 3.1; and VNM is the value of non-originating materials, including materials of undetermined origin, used in the production of a good.
VNM shall be determined on the basis of the customs value at the time of importation of the nonoriginating materials, including materials of undetermined origin.
Where ▇▇▇▇▇ ▇▇ refers to a percentage of the value of nonoriginating material (VNM), it shall mean the maximum percentage of the VNM allowed in relation to the exworks price of a product.
The Regional Value Content (RVC) shall be calculated as follows: RV= Ex-works Price –VNM / Ex-works price x 100% Where: RVC is the regional value content, expressed as a percentage; and VNM is the value of the non-originating materials.
Build-down “calculates the RVC by subtracting the value of the non-originating merchandise (VNM) from the adjusted value (AV) of the finished product.
More Definitions of VNM
VNM is the CIF (Cost, Insurance and Freight) value of all non-originating materials that:
(i) in the form in which they were first supplied to the producer of the goods, were imported into Australia or Thailand; or
(ii) in the form in which they were first supplied to a producer in the territory of a Party of non-originating materials that are supplied to the producer of the goods, were imported into Australia or Thailand.
VNM is the value of the non-originating materials, including materials of undetermined origin, as determined in accordance with paragraph 2.
VNM is the CIF value of non-originating materials, in the form in which they were first acquired or supplied to the producer of the goods.
VNM means the value, as defined in the WTO Customs Valuation Agreement, of the non-originating materials, adjusted on a CIF basis.
VNM means the value of the non-originating materials used in the production of the product, which is its customs value at the time of importation, including freight, insurance if appropriate, packing and all other costs incurred in transporting the materials to the importation port in the Party where the producer of the product is located; where the value of the non-originating materials is not known and cannot be ascertained, the first ascertainable price paid for the non-originating materials in the Union or in the United Kingdom is used; the value of the non-originating materials used in the production of the product may be calculated on the basis of the weighted average value formula or other inventory valuation method under accounting principles which are generally accepted in the Party. For the purposes of product-specific rules of origin, the following definitions apply:
(a) ‘biotechnological processing’ means:
(i) biological or biotechnological culturing (including cell culture), hybridisation or genetic modification of micro- organisms (bacteria, viruses (including phages) etc.) or human, animal or plant cells; and
(ii) production, isolation or purification of cellular or intercellular structures (such as isolated genes, gene fragments and plasmids), or fermentation;
(b) ‘change in particle size’ means the deliberate and controlled modification in particle size of a product, other than by merely crushing or pressing, resulting in a product with a defined particle size, defined particle size distribution or defined surface area, which is relevant to the purposes of the resulting product and with physical or chemical characteristics different from those of the input materials;
(c) ‘chemical reaction’ means a process (including a biochemical processing) which results in a molecule with a new structure by breaking intramolecular bonds and by forming new intramolecular bonds, or by altering the spatial arrangement of atoms in a molecule, with the exception of the following, which are not considered to be chemical reactions for the purpose of this definition:
(i) dissolving in water or other solvents;
(ii) the elimination of solvents including solvent water; or
(iii) the addition or elimination of water of crystallisation;
(d) ‘distillation’ means:
(i) atmospheric distillation: a separation process in which petroleum oils are converted, in a distillation tower, into fractions according to boiling point and the vapour then condensed into different liquefied ...
VNM means the value of non-originating materials used in the manufacture of the product which is its customs value at the time of importation including freight, insurance where appropriate, packing and all the other costs incurred in transporting the materials to the importation port in the Party where the producer of the product is located. Where it is not known and cannot be ascertained, the first ascertainable price paid for the non- originating materials in either Party is used, which may exclude all costs incurred in transporting the non-originating materials within a Party such as freight, insurance and packing costs as well as any other known and ascertainable cost incurred there.
VNM is the value of non-originating materials used in the production of a good. FOB referred to in subparagraph 2(a) shall be the value: adjusted to the first ascertainable price paid for a good from the buyer to the producer of the good, if there is free-on-board value of the good, but it is unknown and cannot be ascertained; or determined in accordance with Articles 1 through 8 of the Agreement on Customs Valuation, if there is no free-on-board value of a good. For the purposes of paragraph 1, the value of non-originating materials used in the production of a good in a Party: shall be determined in accordance with the Agreement on Customs Valuation and shall include freight, insurance, and where appropriate, packing and all other costs incurred in transporting the material to the importation port in the Party where the producer of the good is located; or if such value is unknown and cannot be ascertained, shall be the first ascertainable price paid for the material in the Party, but may exclude all the costs incurred in the Party in transporting the material from the warehouse of the supplier of the material to the place where the producer is located such as freight, insurance and packing as well as any other known and ascertainable cost incurred in the Party. For the purposes of paragraph 1, the VNM of a good shall not include the value of non-originating materials used in the production of originating materials of the Party which are used in the production of the good. For the purposes of subparagraph 3(b) or 4(a), in applying the Agreement on Customs Valuation to determine the value of a good or non-originating material, the Agreement on Customs Valuation shall apply, mutatis mutandis, to domestic transactions or to the cases where there is no domestic transaction of the good or non-originating material.