What follows is a short video that gives a quick explanation of what you should know about import duty and VAT when buying goods overseas and shipping them to Barbados.
What you’ll learn in this article
Import duty is charged on the cost of an item, the amount paid to have the item shipped to Barbados as well as the cargo insurance, if you choose to have the package insured. You’ll learn how to calculate this.
Because import duty is paid on the cost of shipping the item, it is important that you choose the most economical shipping method in order to minimize your costs. You’ll learn more about this.
Value Added Tax (VAT) is also charged on all imported goods and is calculated as a percentage of the sum of the cost of the item, the shipping cost, the cargo insurance (if paid) and the import duty. You’ll also learn how to calculate this.
So you think you know how to calculate import duty and VAT?
Test your knowledge with the quiz below.
If Sam (who you met in our video above) was registered as a manufacturer of BBQ sauce, he would be exempted from the payment of import duty and VAT on his blender.
Written by Dr. Nakita Haynes
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