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Calculation of Custom Value
Calculation of Custom Value
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HS Code 0804.1010
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Calculations:
To determine the customs value, we add landing fees, insurance, and
other fees (if any) to the cost of imported goods to CNF.
CNF Value= US$1000
Landing Charges (1% of CNF Value) = US$10
Insurance (1% of CNF Value) = US$10
Customs Value in US$= US$1020
Exchange rate in Pakistani Rupee is Rs. 224. Now multiply the customs
value in US$ with the exchange rate to get the customs value in local
currency.
Custom Value in PKR (1020 x 224) = 228480PKR
CALCULATION OF REGULATORY DUTY
Regulatory duty on the Fresh Dates (HS Code 0804.1010) is 10% of the customs
value in PKR.
Custom Value in PKR =228480
Regulatory Duty in PKR (228480 x 10%) = 22848
CALCULATION OF IMPORT CUSTOMS DUTY
As our product is Fresh Dates (HS Code 0804.1010) and its import customs duty is
20%.
Import Customs Duty in PKR (228480 x 20%) = 45696
And as a commercial importer 1% addition customs duty has to be paid.
Addition Customs duty in PKR (228480 x 1%) = 2285
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HS Code 0406.1010
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Calculation
To determine the customs value, we add landing fees, insurance, and
other fees (if any) to the cost of imported goods to CNF.
CNF Value= US$1000
Landing Charges (1% of CNF Value) = US$10
Insurance (1% of CNF Value) = US$10
Customs Value in US$= US$1020
Exchange rate in Pakistani Rupee is Rs. 224. Now multiply the customs
value in US$ with the exchange rate to get the customs value in local
currency.
Custom Value in PKR (1020 x 224) = 228480PKR
CALCULATION OF REGULATORY DUTY
Regulatory duty on the Cheese (HS Code 0406.1010) is 50% of the customs value
in PKR.
Custom Value in PKR =228480
Regulatory Duty in PKR (228480 x 50%) = 114240
CALCULATION OF IMPORT CUSTOMS DUTY
As our product is Cheese (HS Code 0406.1010) and its import customs duty is
20%.
Import Customs Duty in PKR (228480 x 20%) = 45696
And as a commercial importer 1% addition customs duty has to be paid.
Addition Customs duty in PKR (228480 x 1%) = 2285
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HS Code 0406.1010
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Calculation:
To determine the customs value, we add landing fees, insurance, and
other fees (if any) to the cost of imported goods to CNF.
CNF Value= US$1000
Landing Charges (1% of CNF Value) = US$10
Insurance (1% of CNF Value) = US$10
Customs Value in US$= US$1020
Exchange rate in Pakistani Rupee is Rs. 224. Now multiply the customs
value in US$ with the exchange rate to get the customs value in local
currency.
Custom Value in PKR (1020 x 224) = 228480PKR
CALCULATION OF REGULATORY DUTY
Regulatory duty on the White chocolate (HS Code 1704.9010) is 20% of the
customs value in PKR.
Custom Value in PKR =228480
Regulatory Duty in PKR (228480 x 20%) = 45696
CALCULATION OF IMPORT CUSTOMS DUTY
As our product is White chocolate (HS Code 1704.9010) and its import customs
duty is 20%.
Import Customs Duty in PKR (228480 x 20%) = 45696
And as a commercial importer 1% addition customs duty has to be paid.
Addition Customs duty in PKR (228480 x 1%) = 2285
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HS Code 0406.1010
Now adding the calculated amounts of customs value, customs duty, and additional
customs duty to calculate sales tax
Customs Value in PKR =228480
Regulatory Duty in PKR=91392
Customs Duty in PKR =45696
Addition Customs duty in PKR =2285
Now add all the above values
Total Duty in PKR=367853
Sales Tax in PKR (367853x 17%) = 62535
And we also pay 3% of additional sales tax as a commercial importer.
HS Code 1806.1000
Calculations:
To determine the customs value, we add landing fees, insurance, and
other fees (if any) to the cost of imported goods to CNF.
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Now adding the calculated amounts of customs value, customs duty, and additional
customs duty to calculate sales tax
Customs Value in PKR =228480
Regulatory Duty in PKR=45696
Customs Duty in PKR =45696
Addition Customs duty in PKR =2285
Now add all the above values
Total Duty in PKR=322157
Sales Tax in PKR (322157x 17%) = 54767
And we also pay 3% of additional sales tax as a commercial importer.
The duty that is applied on the specified products that are manufactured
or produced in the country but still you import it from other country is
known as regulatory duty.
Commercial Importer
An importer who imports goods for the purpose of further supply to
other persons and is registered as commercial importer
Filer and Non-Filer
A tax filer is a person who is registered with the Federal Board of
Revenue and has filed income tax returns already with them. On the
contrary, a non-filer is a person who has not filed his income tax returns
with FBR.