How to Calculate Import Tax?
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roosevelt
Apprentice
Joined: 30 Jan 2004
Posts: 8
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 Posted: 09/21/07 - 05:21 Post subject: |
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| I am expecting an FCL of honey from New Zealand. New Zealand does not qualify for the General System of Tariff Preferences. Nor does it have any bilateral tariff agreement with our country for honey. Therefore, import duties will have to be paid. To do my final costing I have to inlcude them before my margin. How do I calculate the import tax? |
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locke
Apprentice
Joined: 25 Dec 2006
Posts: 10
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| Posted: 10/27/07 - 00:28 Post subject: |
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| Simple. When levied, import taxes are always calculated on the CFR (current INCO terms) value. This is equivalent to the olden days "CIF along key side". It means that the basis to calculate the import tax on, i.e. the basis to which to apply a given percentage, is the value of the goods with costs, freight and insurance, including any costs incurred to get the goods deposited on the key next to the ship. In this case it would cover stacking/unstacking costs of the container. |
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