An Australian importer has declared to Australian Custom with the following information: F.O.B. price on the trade
Fantastic news! We've Found the answer you've been seeking!
Question:
An Australian importer has declared to Australian Custom with the following information:
- F.O.B. price on the trade contract is $100,000.00;
- Shipping cost is $1,000;
- Insurance cost is $800;
- Import duty for the subject commercial goods is 5%.
Please answer the following:
- Please explain what VoTI is.
- Please calculate the value of VOIT and the applicable Australian Goods and Services Tax (10%) in Australia (show your calculation working out).
- It is common for most countries to have different levels of customs duties and taxes on the same commercial goods imported from different countries of origin. Please discuss the reasons.
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date: