I saw a Honda Stream 2007 1.8l engine for 10,000USD FOB in Japan on an online site.
Please advice me if the duty calculation below is wrong
FOB value = 10,000 USD
Shipping and Handling = 1,160 USD
CIF = 11,160 USD
Depreciated FOB value at (60%) = 10,000*60% = 6,000 USD
(Dep.Value is taken at 60% as it is 3 years old and as it is a commercial vehicle)
Custom's taxable value = Dep.FOB value+ S&H = 6,000+1,160 = 7,160 USD
Customs tax @ 156% (as it has a 1799cc engine = 7,170*156% = 11,185.2 USD
Total Value = 18,345.2 USD
Total Value in LKR = 18,345.2*114 = 2,091,352.80
If the price is around 2.1 mil, it seems to be the best deal in the market. what are your thoughts guys?