Page 36 - P6 Slide Taxation - Lecture Day 5 - VAT Part 1
P. 36

VAT : imported goods







                                                            Goods imported
         In-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 15%
   31   32   33   34   35   36   37   38   39   40   41