(1) For subsection 153ZMB(3) of the Act, this section explains how to work out the value of goods that are originating materials or non-originating materials.
Note: The goods are mentioned in Schedule 1 to this instrument.
(2) The value of the goods is as follows:
(a) for materials imported into Korea by the producer of the good--the value of the materials worked out under a law of Korea that implements the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade 1994;
(b) for materials acquired in Korea--the earliest ascertainable cost of acquisition of the materials;
(c) for materials that are produced by the producer of the good and used in the production of that good--the sum of:
(i) the expenses incurred in the production of the materials, including general expenses; and
(ii) an amount for profit equivalent to the profit that the producer would make for the materials in the ordinary course of trade.
(3) The value of the goods may include the costs of the following, to the extent that they have not been taken into account under subsection (2):
(a) freight, insurance, packing and any other transportation of the materials to the producer:
(i) in Korea; or
(ii) between Australia and Korea;
(b) duties, taxes and customs brokerage fees on the materials that:
(i) have been paid in either or both of Australia and Korea; and
(ii) have not been waived or refunded; and
(iii) are not refundable or otherwise recoverable, including any credit against duties or taxes that have been paid or that are payable;
(c) for non-originating materials:
(i) originating materials that are used or consumed in the production of non-originating materials in Australia or Korea; and
(ii) other costs incurred in Australia or Korea in the production of the non-originating materials.