Certain items, such as motor vehicles, are subject to LSTupon their import or delivery by the manufacturer to a third party. Presently, the LST is levied at varying rates spanning from 10% to 95%. In addition to the LST duties, a standard10% VAT is imposed on all imported goods...
• What result? “Subject to” vs. Assumption • Transfer from Smith to Rule is a “subject to” transfer unless Rule makes express promise to assume personal liability for Smith’s debt –E.g., “Rule agrees to take over monthly payments” ...