Page:United States Statutes at Large Volume 117.djvu/940

 PUBLIC LAW 108–77—SEPT. 3, 2003

117 STAT. 921

goods in the set does not exceed 10 percent of the value of the set determined for purposes of assessing customs duties. (m) APPLICATION AND INTERPRETATION.—In this section: (1) The basis for any tariff classification is the HTS. (2) Any cost or value referred to in this section shall be recorded and maintained in accordance with the generally accepted accounting principles applicable in the territory of the country in which the good is produced (whether Chile or the United States). (n) DEFINITIONS.—In this section: (1) ADJUSTED VALUE.—The term ‘‘adjusted value’’ means the value determined in accordance with articles 1 through 8, article 15, and the corresponding interpretive notes of the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade 1994 referred to in section 101(d)(8) of the Uruguay Round Agreements Act, except that such value may be adjusted to exclude any costs, charges, or expenses incurred for transportation, insurance, and related services incident to the international shipment of the merchandise from the country of exportation to the place of importation. (2) FUNGIBLE GOODS OR FUNGIBLE MATERIALS.—The terms ‘‘fungible goods’’ and ‘‘fungible materials’’ mean goods or materials, as the case may be, that are interchangeable for commercial purposes and the properties of which are essentially identical. (3) GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.—The term ‘‘generally accepted accounting principles’’ means the principles, rules, and procedures, including both broad and specific guidelines, that define the accounting practices accepted in the territory of Chile or the United States, as the case may be. (4) GOODS WHOLLY OBTAINED OR PRODUCED ENTIRELY IN THE TERRITORY OF CHILE, THE UNITED STATES, OR BOTH.—The term ‘‘goods wholly obtained or produced entirely in the territory of Chile, the United States, or both’’ means— (A) mineral goods extracted in the territory of Chile, the United States, or both; (B) vegetable goods, as such goods are defined in the Harmonized System, harvested in the territory of Chile, the United States, or both; (C) live animals born and raised in the territory of Chile, the United States, or both; (D) goods obtained from hunting, trapping, or fishing in the territory of Chile, the United States, or both; (E) goods (fish, shellfish, and other marine life) taken from the sea by vessels registered or recorded with Chile or the United States and flying the flag of that country; (F) goods produced on board factory ships from the goods referred to in subparagraph (E), if such factory ships are registered or recorded with Chile or the United States and fly the flag of that country; (G) goods taken by Chile or the United States or a person of Chile or the United States from the seabed or beneath the seabed outside territorial waters, if Chile or the United States has rights to exploit such seabed; (H) goods taken from outer space, if the goods are obtained by Chile or the United States or a person of

VerDate 11-MAY-2000

13:45 Aug 26, 2004

Jkt 019194

PO 00000

Frm 00947

Fmt 6580

Sfmt 6581

Records.

D:\STATUTES\2003\19194PT1.001

APPS10

PsN: 19194PT1

�