Calculation of import tariffs
The basic formula for calculating import tariffs is:
Import tariff = duty-paid price × import tariff rate
In calculating the tariffs, the following points should be noted:
1. Import tariffs are payable in RMB. Imported goods in foreign currency transactions, by the Customs and Excise Department in accordance with the issuance of tax payment certificate on the date of the State Administration of Foreign Exchange announced the RMB foreign exchange rate of the median price of the purchase and sale of RMB levy. RMB foreign exchange rate table is not included in the foreign currency, according to the exchange rate determined by the State Administration of Foreign Exchange converted into RMB.
2. The amount of the tax-paid price is calculated up to the yuan, and rounded up to the nearest dollar. The amount of duty-paid is calculated up to the cent, and rounded up to the nearest cent.
3. The amount of customs duty on a single shipment of goods is exempted if it is less than RMB 50 yuan. The transaction price of imported goods, due to different transaction conditions and have different price forms, commonly used price terms, there are FOB, CFR, CIF three. According to the three commonly used price terms are examples of the calculation of import taxes.
(a) CIF transaction of imported goods, if the declared price in line with the provisions of the "transaction price" conditions, the tax can be calculated directly
Examples are as follows:
A company imported from Germany, steel coil 100 000 kg, the price of the transaction CIF Tianjin Xingang 125 000 USD,
What is the amount of customs duty to be levied?
Knowing that the Customs and Excise Department to fill out the tax payment letter of the day of the foreign exchange rate
100 U.S. dollars = 847.26 yuan (buying price)
100 U.S. dollars = 857.18 yuan (selling price)
Tax calculation is as follows:
(1) review of the declared price, in line with the "price" conditions, to determine the tax (1) Review the declared price, meet the conditions of "transaction price", determine the tax rate: steel coil is categorized under tax code 7310, the import tariff rate of 15%.
(2) According to the foreign exchange rate on the day of filling out the tax payment letter, the price of goods will be converted into RMB.
The foreign exchange rate on that day is:
Foreign exchange median price of 100 U.S. dollars = (847.26+857.18)/ 2=852.22 yuan
that is, 1 U.S. dollar = 8.5222 yuan
Duty-paid price = 125,000 × 8.5222 = 1,065,275 yuan
(1) The price of the import tariff is calculated according to the foreign exchange rate on the day of filling out the tax payment letter. 3) Calculation of customs duty i.e.: RMB 1,065,275 x 15% = RMB 159,791.25.
(2) For imported goods transacted on FOB and CFR terms, the declared price of the imported goods should be converted into CIF price first when calculating the duty, and then the duty should be calculated according to the above procedure
Examples are as follows:
China imports a batch of medium-thick steel plates*** counting 200,000 kilograms from abroad, and the transacted price is FOB London 2.5 pounds per kilogram. It is known that the unit freight cost is ￡0.5 and the insurance rate is 0.25%,
Find the amount of customs duty to be levied?
Knowing that the Customs to fill out the tax payment on the day of the foreign exchange rate:
1 ￡ = 11.2683 yuan (buying price)
1 ￡ = 11.8857 yuan (selling price)
(1) according to fill out the tax payment on the day of the foreign exchange rate, will be the price of the goods converted into yuan.
The foreign exchange rate on that day is:
Foreign exchange median price = (11.2683+11.8857) CNY ÷ 2=11.577 CNY
that is, 1 pound = 11.577 CNY
Tax-paid price = (FOB price+freight cost)/(1-insurance rate)=(2.5+0.5)/(1- 0.25%)
=￡3.0075
(2) Calculation of customs duty: According to the tariff classification, the medium-thickness steel plate is the goods of Japanese origin is applicable to the most-favored-nation (MFN) duty rate, and the MFN duty rate is 10%.
Then: the goods import tariff = ￡ 3.0075 × 11.577 × 200 000 kg × 10% = 696356.55 yuan.
Example of consumption tax calculation:
A company declared to the Customs to import a batch of small cars, the price of FOB Yokohama 10,000,000 yen, freight 200,000 yen, the insurance rate of 5 per thousand. Consumption tax rate of 8%. 100 000 yen to the Chinese yuan to buy and sell the median price of 8 500 yuan.
10 251 256.28141×8500÷100 000=871 356.7839196≈871357 CNY
Imported small cars should be categorized under tax code 8703.2314, with a tariff rate of 80%, and tariffs amounting to 871,357 CNY×80%=697,085.6 CNY.
Consumption tax taxable price: (871,357 yuan + 697,085.6 yuan)/(1-8%)
=1,704,828.91 yuan ≈ 1,704,829 yuan
Consumption tax amount: 1,704,829 × 8% = 136,386.32 yuan
Example of VAT Calculation
10 251 256.28141×8500÷100 000=871 356.7839196≈RMB871357
Imported small cars should be categorized under tax code 8703.2314, with a tariff rate of 80%, and the tariff amount of RMB871,357×80%=697,085.6 RMB 697,085.6.
Consumption tax taxable price: (871,357 yuan + 697,085.6 yuan)/(1-8%)
=1,704,828.91 yuan ≈ 1,704,829 yuan
Consumption tax amount: 1,704,829×8%=136,386.32 yuan
Example of VAT calculation:
A foreign trade company imported a Swiss-made CNC milling machine on behalf of a watch factory, FOBAntwerp SFr223 343, freight RMB42 240, insurance rate of 0.3%, fill in the customs levy on behalf of the tax payment letter of the date of the Swiss franc to the Chinese yuan foreign exchange market bid and ask the mid-price of the SFR100=RMB387.055.
The amount of consumption tax: 1,704,829×8%=136,386.32 RMB. p>The customs duty-paid price: 223,343 × 387.055 ÷ 100 = 864,460.24865 yuan
(864,460.24865+42,240)/(1-0.3%)=909,428.534,2528 yuan ≈ 909,429 yuan
CNC milling machine should be categorized under the tariff line No. 8459.6100, and the rate of duty is 15%, then the amount of customs duty it is subject to is:
909 429×15%=136,414.35 yuan.
VAT Component Taxable Price:
909 429+136 414.35=1,045,843.35 yuan
The amount of value-added tax chargeable: 1,045,843×17%=177,793.32 yuan
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