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How much VAT will I have to pay?

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  • 25-09-2012 12:46pm
    #1
    Joekers
    Registered Users Posts: 1,253 ✭✭✭


    Just wondering if I am bringing some items in from China for sale purposes and the total cost of the shipment is 4000 euro how much VAT will I be likely to pay ?


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    #2
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    (Goods Cost + freight cost + duty) x 23% = VAT payable


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    #3
    RUDOLF289
    Registered Users Posts: 794 ✭✭✭RUDOLF289


    Peterdalkey wrote: »
    (Goods Cost + freight cost + duty) x 23% = VAT payable

    Just bear in mind - and not many freight forwarders / customs brokers in Ireland apply this correctly - that the value for Duty is based on the CIF European border price.

    C = Cost (usually the invoice value for the product)
    I = Transport Insurance Cost (a nominal value suffices)
    F = Freight Cost to the European Border

    In case of Oceanfreight from China, the cost for the shipping to the port of transhipment (e.g. Rotterdam/Felixstowe/Southampton/Antwerp etc) will be sufficient to be added.

    In case of airfreight from China, only 70% of the airfreight cost from China to Dublin needs to be added for the value for Duty purposes.

    Cheers,
    Rudolf289


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