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<blockquote data-quote="David Morris" data-source="post: 1171534" data-attributes="member: 25279"><p>Now what is missing from this thread is the "luxury" duty which we refer to as Schedule 1 Part 2B duty, some people call it "ad valorem" duty but I disagree.</p><p></p><p><a href="https://www.sars.gov.za/wp-content/uploads/Legal/SCEA1964/Legal-LPrim-CE-Sch1P2B-Schedule-No-1-Part-2B.pdf" target="_blank">https://www.sars.gov.za/wp-content/uploads/Legal/SCEA1964/Legal-LPrim-CE-Sch1P2B-Schedule-No-1-Part-2B.pdf</a></p><p></p><p>If you look up amplifiers or loudspeakers under TH 8518 you will note as of today the rate of 9%, but that is not an effective 9% it is also a formula which will also influence the VAT payable.</p><p></p><p>The formula for Schedule 1 Part 2B is Customs value (all costs which include the goods and those costs to get it on the plane or boat) x 1.15 + applicable duty = VPB</p><p></p><p>Then the Schedule 1 Part 2B duty is 9% of VPB</p><p></p><p>The VAT is Customs Value (as above) x 1.1 + Duty + Sch1 Part 2B duty = ATV</p><p></p><p>VAT is then 15% of ATV</p></blockquote><p></p>
[QUOTE="David Morris, post: 1171534, member: 25279"] Now what is missing from this thread is the "luxury" duty which we refer to as Schedule 1 Part 2B duty, some people call it "ad valorem" duty but I disagree. [URL]https://www.sars.gov.za/wp-content/uploads/Legal/SCEA1964/Legal-LPrim-CE-Sch1P2B-Schedule-No-1-Part-2B.pdf[/URL] If you look up amplifiers or loudspeakers under TH 8518 you will note as of today the rate of 9%, but that is not an effective 9% it is also a formula which will also influence the VAT payable. The formula for Schedule 1 Part 2B is Customs value (all costs which include the goods and those costs to get it on the plane or boat) x 1.15 + applicable duty = VPB Then the Schedule 1 Part 2B duty is 9% of VPB The VAT is Customs Value (as above) x 1.1 + Duty + Sch1 Part 2B duty = ATV VAT is then 15% of ATV [/QUOTE]
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