9. Section 20 of the principal Law is repealed and replaced by the following sections:

20 - (1)For the purpose of applying the Customs tariff, the value of any imported goods shall be taken to be the normal price that is to say, the price which they would fetch at the time defined in section 20(d), on a scale on the open market between a buyer and a seller independent of each other.

(2) The normal price of any imported goods shall be determined on the following assumptions:

(a) that the goods are delivered to the buyer at the port or place of introduction into Grenada.

(b) that the seller bears all costs, charges and expenses incidental to the sale and to the delivery of the goods at the port or place of introduction, which are hence included in the normal price.

(c) that the buyer bears and duties or taxes applicable in Grenada, which are hence not included in the normal price.

20 A - (1) A sale in the open market between a buyer and a seller independent of each other pre-supposes:
(a) that the price is the sole consideration;

(b) that the price is not influenced by any commercial, financial or other relationship, whether by contract or otherwise, between the seller or any person associated in business with him, other than the relationship created by the sale itself;

(c) that no part of the proceeds of any subsequent re-sale, other disposal or use of the goods will accrue, either directly or indirectly, to the seller or any person associated in business with him.

(2) Two persons shall be deemed to be associated in business whit one another if, whether directly or indirectly, either of them has any interest in the business or property of the other or both have a common interest in any business or property of both of them.

20 B - (1) When the goods to be valued-
(a) are manufactured in accordance with any patented invention or are goods to which any protected design has been applied; or

(b) are imported under a foreign trade mark; or

(c) are imported for sale, other disposal or use under a foreign trade mark;

the normal price shall be determined on the assumption that it includes the value of the right to use the patent, design or trade mark in respect of the goods.

This provision shall also apply in the case of copy-right or any other intellectual or industrial property right.

(2) Exemptions to the provisions of paragraph 1 may be determined by the Comptroller where the rights referred to in that paragraph are held by a person established in Grenada.

(3) Where the goods are imported for sale, other disposal or use, after further manufacture under a foreign trade mark, the value of the right to use that trade mark shall be included in the normal price if the right to apply the trade mark to the finished products does not depend on operations carried out after importation, but on the use of the goods to be valued.

(4) A trade mark shall be treated as a foreign trade mark if it is the mark of:

(a) any person by whom the goods to be valued have been grown, produced, manufactured, offered for sale or otherwise dealt with outside Grenada ; or

(b) any person associated in business with any person referred to in (a) above; or

(c) any person whose rights in the mark are restricted by an agreement with any person referred to in (a) or (b) above.

20 C The normal price shall be determined on the assumption that the sale is a sale of The quantity to be valued.

20 D For the purpose of section 20(1) the material time for valuation shall be the date When the entry of the goods for home consumption has been duly registered, whether such registration is done directly on importation or after warehousing.

20 E For the purpose of section (2)(b) the place of introduction into Grenada for goods Imported by ship or aircraft, as the case may be, shall be taken to be the port or Airport of unloading.

20 F The “cost, charges and expenses” mentioned in section 20(2)(b) include, inter alia, any of the following-
(i) carriage and freight;

(ii) insurance;

(iii) commission;

(iv) brokerage;

(v) costs, charges and expenses of drawing up outside Grenada documents incidental to the introduction of the goods into Grenada, including consular fees;

(vi) duties and taxes applicable outside Grenada except those from which the goods have been exempted or have been or will be relived by means of refund;

(vii) cost of containers excluding those which are treated as separate articles for the purpose of levying duties of customs, cost of packing (whether for labour, materials or otherwise); and

(viii) loading charges.

20 G (1) The price paid or payable may be accepted as the value for customs purposes if:
(a) the contract of sale is executed within the period specified in section 20H;

(b) the price corresponds, at the time it is agreed upon, to prices on a sale in the open market between a buyer and a seller independent of each other, and

(c) that price adjusted, if necessary, to take account of circumstances of the sale which differ from those on which the normal price is based.

(2) Adjustments under sub-paragraph (1) may in particular be required with reference to:

(a) the costs, charges and expenses mentioned in section 20(2)(b) and section 20F;

(b) discounts and other reductions in price granted in favour of sole concessionaires or any other person operation in comparable circumstances;

(c) abnormal rebates and any other reduction from the ordinary competitive price.

20 H (1). For the purpose of section 20G, the price paid or payable may be accepted if the date of the contract precedes the date referred to in section 20-D by not more than six months.

(2) Where goods are usually sold with a delivery period of more than six months, the period of grace may be correspondingly increased, but shall however not exceed twenty-four months.

(3) The goods for which a period of grace of more than six months can be allowed and the length of the period of grace shall be determined by the Comptroller.

(4) Where the goods are manufactured to order, the price paid or payable may be accepted for the purpose of section 20G when delivery has made within the agreed period.

(5) The period of grace may be extended if it is proved that exceptional circumstances have caused the delivery period to exceed the admissible period of grace.

(6) The application of the periods of grace referred to in paragraphs 1 to 4 may be suspended in a period of abnormal price fluctuations.

20 I (1) The price to be taken into account in determining the value for customs purposes of goods declared for home use shall be the cash price payable on the date specified in section 20D;

(2) The following shall, however also be taken to be cash prices:

(a) a price which, under the terms stipulated in the invoice or the contract, must be paid between the date of dispatch of the goods and the date specified in section 20D;

(b) a price payable later than the date specified in section 20D, if there is no provision for a discount for cash payment or if proof of the existence of a different price for cash payment has not been furnished to the customs authorities.

(3) The amount of the discount granted for cash payment shall not be included in the value for customs purposes if the rate of such discount is not higher than the normal rate in the branch of trade in question. Where the rate is higher, only the amount corresponding to the normal rate shall not be included in the value for customs purposes.

(4) Subject to the provisions of paragraph (2) (a), the amount of discount granted for payment in advance shall be included in the value for customs purposes.

(5) Subject to the provisions paragraph (2) (a), if there is no provision for a discount for payment in advance, the price paid in advance must be adjusted to determine the cash price, on the assumption the buyer was granted a price reduction at least equal to the interest which he would have had to pay for al loan of the amount in advance. However, such adjustment shall not be made if the customs authorities are furnished with evidence that the price paid corresponds to the cash price.

20 J Where factors used to determine the value for customs purposes of goods are expressed in a currency other than that of Grenada , the rate of exchange to be used is the selling rate for sight drafts as last notified at Customs House at the time the entry for home consumption is duly registered.

20 K (1) Fixed values may be established for the determination of the value of certain goods.

(2) Such goods shall be specified, and the rules and criteria of the establishment of fixed values and their application shall be determined by the Comptroller.

20 L (1) Importers or other persons associated with importation of goods shall furnish all information as may be necessary fro a proper valuation of the goods and produce for inspection by such customs officers as designated by the Comptroller, any books of account, correspondence and documents of whatever nature relating to the purchase, importation, sale, other disposal or use of the goods. The Customs officers shall be allowed to take copies of document, accounts, correspondence and other records or extracts of the same, which are relevant to their investigation.

(2) The particulars and documents to be furnished to the Customs authorities for purposes of valuation shall where necessary be determined by the Comptroller."