Calculate the tariff and import VAT on imported electromechanical equipment. What are the tariffs and import VAT on imported goods from the US with a CIF price of 4.2 million dollars, thanks!

Duty-paid price = CIF price * exchange rate

Calculation of tariffs:

Tariffs = Duty-paid price * Import tariff rate

Calculation of value-added tax (VAT):

Composition of VAT payable on imported goods Duty-paid price is inclusive of customs duty.

Import VAT = taxable' amount * VAT rate = (duty-paid price + customs duty) * VAT rate

Import VAT can be declared as a credit against inputs