bartum wrote:
i have heard people usually say total tax is about 74% of CIF, i dont know weather this is true.
this is what you've heard.....
The taxation figures
Import duty is 25% of CIF value.
Excise Duty 20% of (CIF+Import duty value)
VAT is 16% of (CIF +import duty value + Excise Duty value).
Calculate cumulatively
Import Duty+Excise Duty+V.A.T will work out to 74% .....But just to let you know that this is not necessarily how it will be worked out
KRA hardly ever use CIF values.... This is because CIF values are usually lower than the depreciated value as would be calculated using the CRSP table and valuation Template (as indicated by Tebes in post#21 above).
In some cases you will find that the toal tax is more than the CIF value... even as high as 130% of CIF.
In fact with all the cars I have sent from UK, I have never been required to produce an invoice/CIF valuation etc.
All KRA/clearing agents have needed is
1. Logbook,
2. Jevic Certificate (KRWI)
3. Bill Of Lading.