Excise Duty
The actual applicable Rate of Excise Duty on imported Motor vehicles of heading 87.03 (vehicles designed principally for the transport of persons) are as follows:
Engine Capacity |
Rate of Excise Duty |
Up to 550 cc |
15% |
551 to 1600 cc |
55% |
1601 cc to 2000 cc |
75% |
2001 cc and above |
100% |
VAT
VAT applicable = 15%
How to calculate duty and taxes payable on Vehicles ?
It's very easy....
(a) Calculate the CIF value
CIF = Assessed FOB Value + Freight + Insurance
(b) Calculate Excise Duty payable
Excise Duty = CIF x Rate of Excise Duty applicable
(c) CO2 EMISSION(g/km)
IF CO2 REBATE, Final Excise Duty = Excise Duty - Rebate
IF CO2 LEVY, Final Excise Duty = Excise Duty + Levy
(d) Calculate VAT payable
VAT = (CIF + Final Excise Duty) x 15%