Cap. 337 Art. 12Assessment of value expressed in foreign currency.

(1) Where any invoice for goods purchased in a foreign country expresses the value of such goods in foreign currency, such value shall be assessed by the Commissioner at the rate of exchange for Maltese currency of such foreign currency as determined by the Central Bank of Malta, and the importer shall pay duty, where duty is payable ad valorem, on the amount calculated in Maltese currency as aforesaid.

(2) The opening rate of exchange for Friday of every week shall apply to such assessments of value during a continuous period of seven days beginning on the next following Monday, but when Friday’s opening rate of exchange differs from a subsequent rate by three per centum or more the later rate shall apply for the remainder of that period:

Provided that if at any time the Central Bank does not issue a rate of exchange on any day when such rate is normally issued, the Commissioner may suspend the assessment of the value of the goods until such rate so issued.

(3) Without prejudice to the provisions of the proviso to the preceding sub-article, where the rate of exchange is not issued by the Central Bank of Malta on a Friday, the assessments of values for the period of seven days beginning on the next following Monday shall be determined on the rate of exchange first fixed by the Central Bank of Malta after that Friday, and where on the Monday immediately following the Friday on which the Central Bank of Malta has not issued such rate, a rate of exchange is still not issued, the Commissioner may continue to assess the value of the goods in accordance with the rate applicable for the previous week or suspend the assessment of the value of the goods until a rate is so issued:

Provided that when the said rate of exchange differs from a subsequent rate by three or more, the later rate shall per centum apply for the remainder of the period.

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