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CIF US$10,000/TT$69,000shaneo wrote:so a vehicles dat is 10000 us land trinidad engine size 2.5 wat would dat cost thanks
For a motor vehicle with an engine no larger than 1599 cc:firstchoicesolution wrote:If i want to bring down a vehicle :
1598cc
Can someone give me a breakdown of what the MVT rate is and how i can calculate it?
Thanks a lot. So based on this, MVT will be 1598cc x $5= $7990?adnj wrote:For a motor vehicle with an engine no larger than 1599 cc:firstchoicesolution wrote:If i want to bring down a vehicle :
1598cc
Can someone give me a breakdown of what the MVT rate is and how i can calculate it?
Duty is 25%
MVT is $5/cc
VAT is 12.5%
flatline wrote:Trinidad & Tobago Motor Vehicle Tax, VAT, Customs Duty and Transfer Fees
Motor Vehicle Tax is normally payable at the following rates:
* engine size not exceeding 1599 cc = $3.75 per cc
* engine size exceeding 1599 cc but not exceeding 1799 cc = $ 4.00 per cc
* engine size exceeding 1799 cc but not exceeding 1999 cc = $ 8.00 per cc
* engine size exceeding 1999 cc but not exceeding 2499 cc = $21.00 per cc +50%
* engine size exceeding 2499 cc but not exceeding 2999 cc = $25.00 per cc +50%
* engine size exceeding 2999 cc but not exceeding 3499 cc = $30.00 per cc +50%
* engine size exceeding 3499 cc ? $45.00 per cc +50%
April 2016 UPDATE: 50% increase in Duty and MVT for engine size exceeding 1999cc
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Value Added Tax is payable at a rate of 12.5%. It is calculated in the following manner:
12.5% of the C.I.F. Value + Customs Duty + MVT = VAT Payable
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Customs duty is normally payable at the following rates:
* Vehicles with an engine size not exceeding 1599 cubic capacity (cc)- 20%
* Vehicles with an engine size exceeding 1599 cc but not exceeding 1999 cc - 25%
* Vehicles with an engine size exceeding 1799 cc but not exceeding 1999 cc - 30% +50%
* Vehicles with an engine size exceeding 2000 cc - 30% +50%
April 2016 UPDATE: 50% increase in Duty and MVT for engine size exceeding 1999cc
Customs duty is based on the Cost, Insurance and Freight (C.I.F.) Value of the Vehicle.
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For Vehicle TRANSFER FEES / CHANGE OWNERSHIP in Trinidad & Tobago click here
New April 2016 MVT, Duty and VAT schedule
A172 wrote:the order is add duty, then mvt then vat
cannot calc the individual taxes separately then add, you have to pay each tax on the previous taxed value
$370k cif
43.75% duty = $161,875
Add back to $370k = $531,875
2000cc MVT = $28,125
Add back to $531,875 = $560k
VAT 12.5% of $560k = $70,000
Add back to $560k = $630k
Final figure $630k
zcarz wrote:flatline wrote:Trinidad & Tobago Motor Vehicle Tax, VAT, Customs Duty and Transfer Fees
Motor Vehicle Tax is normally payable at the following rates:
* engine size not exceeding 1599 cc = $3.75 per cc
* engine size exceeding 1599 cc but not exceeding 1799 cc = $ 4.00 per cc
* engine size exceeding 1799 cc but not exceeding 1999 cc = $ 8.00 per cc
* engine size exceeding 1999 cc but not exceeding 2499 cc = $21.00 per cc +50%
* engine size exceeding 2499 cc but not exceeding 2999 cc = $25.00 per cc +50%
* engine size exceeding 2999 cc but not exceeding 3499 cc = $30.00 per cc +50%
* engine size exceeding 3499 cc ? $45.00 per cc +50%
April 2016 UPDATE: 50% increase in Duty and MVT for engine size exceeding 1999cc
---
Value Added Tax is payable at a rate of 12.5%. It is calculated in the following manner:
12.5% of the C.I.F. Value + Customs Duty + MVT = VAT Payable
---
Customs duty is normally payable at the following rates:
* Vehicles with an engine size not exceeding 1599 cubic capacity (cc)- 20%
* Vehicles with an engine size exceeding 1599 cc but not exceeding 1999 cc - 25%
* Vehicles with an engine size exceeding 1799 cc but not exceeding 1999 cc - 30% +50%
* Vehicles with an engine size exceeding 2000 cc - 30% +50%
April 2016 UPDATE: 50% increase in Duty and MVT for engine size exceeding 1999cc
Customs duty is based on the Cost, Insurance and Freight (C.I.F.) Value of the Vehicle.
----
For Vehicle TRANSFER FEES / CHANGE OWNERSHIP in Trinidad & Tobago click here
New April 2016 MVT, Duty and VAT schedule
Morning is this still correct?
So for example I want to bring in a 2021 BMW 420i whose CIF value is 370,000TTD
The MVT is 2000x 21.50 = 43,000 Ttd x 1.5 = 64,500
VAT is 0.125 x 370,000= 46,250
Customs duty is 0.3 x 370,000= 111,000 x 1.5= 166,500
Total = 370,000+ 64,500 + 46,250 + 166,500
=647,250ttd
If so that is insane!!
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