Case $2$:

A Canadian importer has imported raw material to be processed in in Canada

and export $50\%$ of the final product to Chile.

Using the information in table answer the question in questions. $(2\mathrm{.}5$ Marks$)$

Total value of the shipment CIF: $1,500,000$

International Freight: $70,000$

International Insurance: $30,000$

The following additional expenses are also paid by the Canadian importer

separately.

Selling Commission $20,000$

Buying Commission: CAD $ $10,000$

Domestic transportation costs: $10,000$

Canadian Assists: CAD $ $8,000$

Royalty: CAD $ $20,000$

Excise Tax Rate: $8\%$

Duty Rate: $10\%$

ITC: CAD $ $300,000$

Goods Sold in Canada: CAD $ $2,650,000$

Exchange Rates at shipping date: $1=$ CAD $1\mathrm{.}65$

Exchange Rates at date of arrival: $1=$ CAD $1\mathrm{.}60$

Please, calculate the following: $(10$ Marks$)$

$-$ How much is the VCC$?$

$-$ How much is the VFD$?$

$-$ How much is the TVFD$?$

$-$ How much is the amount of Duty?

$-$ How much is the VDP $($DVP$)?$

$-$ How much is the Excise Tax?

$-$ How much is the VFT$?$

$-$ How much is the amount of GST$?$

$-$ How much is the amount of HST$?$

$-$ Is the HST payable or refundable, and what is the amount?

Note: Show all your calculations