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%

 


Total duty and taxes payable

= (c) + (d)
= Final Excise Duty + VAT