Got Screwed By Customs Since I Didnot Under Value My First Jap Import

[wrav003]

Hey Guys,

I imported a hiace van from Japan, my CIF value was more than the valve T**** Lanka has given so had to pay extra 6laks as duty.

Vehicle : 2006/08 Hiace DX 48,000kms

CIF : Rs 2,400,000 (real)

Tax : Rs. 3,100,000

Total : Rs. 5,500,000

But if I undervalued or put a smaller CIF I would have only paid Rs 2,500,000 as TAX which makes my total cost Rs 4,900,000

Only positive is I got a beauty. still worth the money...

Lesson learnt : Next time UNDERVALUE IT....

Edited August 19, 2010 by wrav003

[wrav003]

Any thoughts?

[Watchman]

Well there really is no way of unscrewing yourself now that everythings done..

Though I do remember someone mentioning something about devaluing the vehicle for tax purposes one of of the import threads.

At least you know what to do next time.. till then just go enjoy your van

And how much does the agent value your model at?

Just wanted to know, is this the dolphin Hi-Ace or the new big fat one?

Edited August 19, 2010 by Dilesh

[isurujosh]

thanks for sharing the info

[wrav003]

  Dilesh said:

Well there really is no way of unscrewing yourself now that everythings done..

Though I do remember someone mentioning something about devaluing the vehicle for tax purposes one of of the import threads.

At least you know what to do next time.. till then just go enjoy your van

And how much does the agent value your model at?

Just wanted to know, is this the dolphin Hi-Ace or the new big fat one?

I was told by my clearing agent it was around 3mil. Didn't want to ask more since I knew I made a huge mistake and was embarrassed/mad.

I don't get how they calculate TAX at all. I thought I did know.

Yes it is the Fat white one (most basic model). I saw a 2006 Super GL on AL for 6.3mil, which is much flashier than mine.

[wrav003]

  isurujosh said:

thanks for sharing the info

No worries... I learnt all my basics of importing from AL threads.

Glad that I can add some input...

[lasi]

  wrav003 said:

Hey Guys,

I imported a hiace van from Japan, my CIF value was more than the valve T**** Lanka has given so had to pay extra 6laks as duty.

Vehicle : 2006/08 Hiace DX 48,000kms

CIF : Rs 2,400,000 (real)

Tax : Rs. 3,100,000

Total : Rs. 5,500,000

But if I undervalued or put a smaller CIF I would have only paid Rs 2,500,000 as TAX which makes my total cost Rs 4,900,000

Only positive is I got a beauty. still worth the money...

Lesson learnt : Next time UNDERVALUE IT....

just asking as I don't know, how to undervalue CIF when you have documents with real values?

[wrav003]

  lasi said:

just asking as I don't know, how to undervalue CIF when you have documents with real values?

From the start tell your supplier that you want to undervalue your vehicle.. So make sure all your invoices show the reduced value from the start. (i:e : 30% off)

Send that undervalued amount via a money vendor(black market) to your supplier. (black money or wahtever they call it)

Open the L/C for the rest of the value(70% in this case)..... Make sure all your documets only show the value as you stated in your L/C. Otherwise you could be in big trouble.