The import duty calculator is an accurate and easy tool to calculate your import duties and VAT rates allowing you to ascertain your probable tax liability on goods you plan to bring in to your country. The import duty calculator has proved to be a boon for businessmen as they can calculate the real worth of the product they are importing and stay ahead of competition.
The calculation on import duty is quite a straight forward process and also one of the most important things you must be conversant with for a successful trade relationship so that you avoid paying an exorbitant amount to your custom agent. It would be greatly imprudent to go ahead and import without a realistic estimate on the import duty you are likely to pay.
An import duty, also known as import tariff, is a tax payable to the other country from where the goods are imported. These taxes act as a major revenue stream for the foreign countries. Importers have to pay import duties on virtually every product they import, but many are ignorant about how much they have to pay and are many times tricked.
Services too that are availed from a foreign country are subject to import duties. However, an introduction of a special exemption plan is said to have eased the importers burden to some extent as they will no longer have to pay tax on goods that would help in the production of exports.
Moreover, to calculate import duties of any product one has to be very careful as even minor errors may lead to terrible financial tribulations. The import duty calculator comes in handy here. It is excel based and will calculate your import and value added tax accurately and effortlessly.
Import duty calculation, if done manually, is a complex exercise as the tax payable is calculated keeping in mind the imported product, its value, shipping charges, insurance and the exchange rate of the currency that are laid down by custom authorities every month.
Import duty rates keep changing based on the nature of goods and it is recommended to keep abreast with the latest rates because of its ever fluctuating nature.
An excise duty, on the other hand, is tax levied on commodities manufactured within the nation and is popularly called the Central Value Added Tax. One can refer to the excise duty rate charts to discover the taxes of neighboring states.