Page 46 - ADVANCED TAXATION - Day 1 Slides
P. 46

VAT : Imported Goods



                             In-                                Goods imported
                           bond
                           sales

                                        Entered for storage, but Have not been entered
                                                           for home consumption





                                                             Zero-rated (s12(k))



                                           When entered for home consumption

                       Value:

                        the greater of:
                        • the total of customs duty value, plus

                            10% of customs duty value, plus
                            non-rebated customs duty payable and any import surcharges,

                            OR
                        • the consideration of the in-bond transaction     x 14%
   41   42   43   44   45   46   47   48   49   50   51