a.Real Drinks Beverages (RDB) is importing a shipment of alcoholic…

Question Answered step-by-step a.Real Drinks Beverages (RDB) is importing a shipment of alcoholic… a.      Real Drinks Beverages (RDB) is importing a shipment of alcoholic beverages which will comprise 15 pallets with 800 crates of stout, with each crate containing 48 bottles of 200 millilitres. The Stout being imported is new on the market and is of pure alcohol strength of 6%.  Marine insurance acquired was $850.00USD. The invoice cost/FOB for Stout is $15,500.00USD. The broker informed that the Stout Import Duty (ID) rate is 40%, the Additional Stamp Duty (ASD) rate is 34% and the Special Consumption Tax Specific (SCTS) is $1230.00 JMD of pure alcohol of the total volume. The Customs Administration Fee (CAF) is $25,000.00 JMD.Given that:General Consumption Tax (GCT) rate is 15% or 20% depending on the purpose of importationStandard Compliance Fee (SCF) rate is 0.3%Environmental Levy (ENVL) rate is 0.5%Stamp Duty is $100.00JMDExchange ratio is 1USD: 155JMDShipment arrives at the marine port with freight $5,500.00 USDCalculate all duties and taxes payable and the total sum payable by RDB for this shipment. SHOW ALL WORKING.  Business Accounting ACCT 3102 Share QuestionEmailCopy link Comments (0)