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