How do I calculate Customs VAT?
Customs VAT
Customs duty refers to the tax imposed on goods when they are transported across international borders. In simple terms, it is the tax that is levied on import and export of goods.
Customs VAT= Custom Duty(Total Duty ) x VAT RATE (current rate is 15%, this may change)
Product Cost
Product cost refers to the total costs involved in making a product and getting it ready for sale.
Product Cost (excluding VAT) = (Foreign x Exchange Rate) + Custom duty (excluding VAT)