Dear Pakwheelers,
I am writing this message with reference to the following article at Pakwheels (Here are the custom duties on cars and bikes | PakWheels Blog), I request you to clear out the confusion for me and correct me if any wrong information is listed below. Please consider the following Example
Am i doing this right ???
Suppose i bought a 600cc motorcycle 2010 model from UK for 5000 pounds
the depreciation for bikes is 2% as per a statement in the article so 12 (2011) + 12 (2012) + 9 (Sept-2013) = 33 Months depreciation amount=33months x 2%(depreciation) = 66%
600cc=13.26%$ /cc x 600cc = 7956 usd (for 600cc bike) - 66% of 7956usd = 7956-5250 =2706 usd=278619 PKR ?? is this correct ?
Here is another detailed example from FBR's pdf doc downloaded
Please refer to example III (Gift Scheme) Because i have my uncle living in UK for the last 26 years
suppose My uncle buys a motorbike 600cc 2010 model Suzuki gsx r600
-Engine capacity and make
600cc
-FOB value as certified by the manufacturer at the time of its manufacturer
X (If there is kindly suggest me)
(note! X= not known)
-Local agent‟s commission
X (If there is kindly suggest me)
-Freight from country originally manufacture e.g. (Osaka, Japan to Karachi- Pakistan) (not known need help from you guys) i assume 50000 PKR from UK to ISB (Need serious suggestions in that)
-Sub- total(C & F value) 7731.00 $ (
pickup from a classified website or a showroom 5000 punds is its cost thats it)
-Insurance @ 1% of C & F value 77.31 $
-Sub- total (CI F value) 7808 $
-Landing charges @1% of CI F value 77.31$
-Other incidental charges, if any X (If there is kindly suggest me)
-Value assessed (is this 7885.62 $ ? or do we need to add some more charges)
-Date of first Registration abroad I assume it to be November 2010
-Date of Entry in to Pakistan I assume it to November 2013
-Period between first registration and entry into Pakistan (Now There is a confusion. in the above topic Arghan Tahir told that depreciation period starts from the year next to year of registration i.e 2011 but the above form tells us the exect date of registration that is nov 2010, so i assume it to be 2011 Please suggest any corrections on this too)
-Completed months 12(2011)+12(2012)+11(2013)=35 Months
-Depreciation @ 1% per month (2% if its motorbike as told by Arghan in the topic)=70% which is greater then 50 so 50% is the max as referred to pt.14 from the pdf which can be downloaded from (Fbrs Website)
-Admissible depreciation (Restricted to 50%) 50%
-Reduction in value to the extent of admissible
depreciation
50% of 7885$ = 7885-50%(7885)
=3942$ (need suggestions in this too if its correct)
-Depreciated value in US $ for the purpose of X (need suggestions)
-levy of duty
-Prevailing exchange rate US $ 1 =Rs. 104 (i assume)
-Depreciated value in Pak Rupees for the
purpose of levy of duly 3942*104 = 410000 PKR
Once the value is determined the amount of taxes payable are calculated as under:
Value determined of 600 CC new vehicle 410000 PKR
Custom Duty - applicable rate 75% 307500 PKR so 410000 +307500 = 717500 PKR
Sales Tax - applicable rate 17% so 17%(717500)=121975+717500=839475 PKR
Income Tax - applicable rate 05% (839475)=41973+839475=881449 PKR
Special Federal Excise Duty - applicable rate 1.00% (881449 PKR)=8815+881449=890264
Total Taxes Rs. 890,264
so Bike+Tax+Shipping to home charges=805000+890264=1695264 PKR almost 17 lacs :o
or if there is another formula for tax calculations ? Plus i need to get information of shipping charges for a supersport GSXR 600 bike from UK to islamabad kindly share with me if you have any idea for above question + What are islamabad bike registration charges to get it registered ?? Applying for a registration number i mean.
I am looking forward to seek help from you guys as the explanation from experts would clarify all others like me having confusions with taxes and customs
Thanks