Import duty = 1,034,000 x 10% = US$103,400 CAP = 1,034,000 x (1+10%) = US$1,137,400 VAT = 1,137,400 x 17% = US$193,358 Port handling VAT = 3,000 x 6% = US$180 Under the FOB agreement, the import VAT (17 percent) and VAT levied on the service for port handling...
The article answers a question on the calculation of stamp duty and value-added tax (VAT). According to the Finance Act of 1963, stamp duty on the conveyance or transfer on sale of freehold land is charged by...