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- 7 -FOB-value may be depreciated by 1.5% per each started month for 12 months and 1 % per each subsequent 
month, until a depreciation of 90% has been reached, which is the maximum depreciation. 
Article 70 
The Director of Customs in Reykjavik may issue further instructions on the conduct of assessments of 
vehicles pursuant to this Regulation. 
CHAPTER VIII 
Rate of exchange for customs clearance 
Article 71 
When the customs value or any part of it, on the importation or exportation of goods, is denoted in a 
foreign currency, the value, or part of it, shall be converted into Icelandic kronur based on the rate of 
exchange for customs clearance as determined at any time pursuant to this Article. 
[On the customs clearance of consignments on each day the determination of customs value shall be 
based on the mid rate of the currency in question posted by the Central Bank oflceland on the immediately 
preceding working day. 
The exchange rate for customs clearance for currencies which are not officially posted by the Central 
Bank of Iceland shall be determined by the Director of Customs in Reykjavik in consultation with the 
Central Bank oficeland.]1 
I)Cf. Regulation No. 172/2008 , Article 5. 
CHAPTER IX 
Various provisions on payment of import charges 
Article 72 
General 
Import charges on goods registered under one consignment numb er shall be paid in a single payment, 
unless the consignment is split up pursuant to Articles 8 or 9 or the goods have been placed in a customs 
warehouse, a duty free shop, a warehouse for duty free supplies or a free zone. 
If goods have been placed in a customs warehouse, import charges may be paid based on withdrawal 
of goods at any time pursuant to a withdrawal request. 
Article 73 
Means of payment of import charges 
Import charges may be paid pursuant to a giro order sent to the importer at the end of the settlement 
period. 
The payment of import charges is regarded as satisfactory if: 
l. payment is made in a commercial bank, savings bank or post office on the due date, at the latest; 
2. a mailed payment has been received by the director of customs on the due date, at the latest;
3. an online transfer is effected on the due date.
If a due date falls on a week-end or a public holiday the due date is postponed to the next working day
thereafter. 
CHAPTERX 
Miscellaneous provisions 
Article 74 
Tariff Classification 
Tariff classification is subject to the general rules on the interpretation of the Customs Tariff, cf. 
Annex I to the Customs Act. 
The first six digits in the eight-digit tariff heading number of the Customs Tariff are in accordance 
with the Nomenclature of the World Customs Organisation, which Iceland has undertaken to observe, as 
posted in Notice No. 25/1987. The explanatory notes and advisory opinions of the World Customs 
Organisation on tariff classification are intended to promote a harmonised interpretation of the 
Organisation's classification system and may provide guidance on tariff classification pursuant to the 
Icelandic Customs Tariff, ,even though they are not binding under domestic law. 
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