Residual Duties Calculations
Prerequisites for Residual Duties Calculations
Concessionaires desirous of remitting residual duties on vehicles are required to provide the following to facilitate the process:
- Concessionaire Name
- Vehicle Registration Number
- Date Concession was granted
- Concession %
- Duration of Concession
- CIF of Vehicle
Method of Calculation:
Determination of present CIF.
- Original CIF divided by the original duration of the concession in months.
- The result of 1. multiplied by the number of months remaining on the concession
- The result of 2. is the new CIF.
The amount of duty and taxes to be paid to be determined.
- Rates of duty and taxes at the time of importation to be applied to the new CIF.
- The result of 2. multiplied by the concession % equals duty and taxes payable.
CSC and EVL are usually paid in full at the time of clearance unless exempted also.
Please note that residual taxes are also payable to the Inland Revenue Department and that information which can help in this regard should be transmitted to them.
Please be guided accordingly. |
