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Trades Tax and VAT Calculation

Trade Tax

Value Added Tax (VAT)

CIF * trade tax rate

CIF + Trade Tax + Excise if applicable = VAT Base

VAT Base * 15% VAT



Assume the following.
XYZ imports 2 cases of cotton handkerchiefs from Singapore.

Purchase Price US$ 120 FOB (Free on Board)
Freight US$ 20
Insurance US$ 5
Total US$ 145 CIF (Cost, Insurance, Freight)
Exchange Rate 1/17 (Rate obtained from Ministry Of Finance) SR 2465.00
HS Code cotton handkerchiefs 6213.2000
Trades Tax Rate 25%
VAT Rate 15%


Calculations

Trades Tax Payable
SR 2,465.00 * 25%
= SR 616.25

Value for VAT
= CIF + Trades Tax (excise not applicable)
= SR 2465 + SR 616.25
= SR 3,081.25

VAT Payable
= SR 3,081.25 * 15%
= SR 462.19

Total
= Trades Tax + VAT
= SR 616.25 + SR 462.19
= SR 1,078.44

Cheques must be made out to: The Seychelles Revenue Commission.


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