Importer X has ordered 500 kg (5000 unit) hinges from Y which is established in China, for 2.000 USD. Parties agreed on CIF delivery terms and payment terms of 50% advance payment and 50% of D/A. Y has agreed with a forwarder for transportation and has paid 1.500 USD for transportation and has also paid 220 USD for insurance. After goods arrived at port, X has paid 1000 TL for storage and 600 USD for port charge. The port has not charged VAT on these invoices, as the services at the ports are exempted from VAT. Calculate the total cost of this import. Customs Duty: % 2,7 Value Added Tax: %18 Anti Dumping Duty: 1.64 USD/kg Minimum Reference Price* : 5 USD/kg * In Turkey, Ministry of Trade may set minimum reference prices for certain goods to be imported and if the price of the imported goods are below this minimum prices, importers have to obtain Surveillance Certificate from the Ministry before importation. Instead of applying for this certificate, importers are tended to declare the price more (up to minimum price) in order to avoid the burdersome of obtaining this certificate, which requires the disclosure of a lot of production related data from the exporters who rarely would be willing to share. Assume that X prefers to declare the value at the minimum fee. Importer X has ordered 500 kg (5000 unit) hinges from Y which is established in China, for 2.000 USD. Parties agreed on CIF delivery terms and payment terms of 50% advance payment and 50% of D/A. Y has agreed with a forwarder for transportation and has paid 1.500 USD for transportation and has also paid 220 USD for insurance. After goods arrived at port, X has paid 1000 TL for storage and 600 USD for port charge. The port has not charged VAT on these invoices, as the services at the ports are exempted from VAT. Calculate the total cost of this import. Customs Duty: % 2,7 Value Added Tax: %18 Anti Dumping Duty: 1.64 USD/kg Minimum Reference Price* : 5 USD/kg * In Turkey, Ministry of Trade may set minimum reference prices for certain goods to be imported and if the price of the imported goods are below this minimum prices, importers have to obtain Surveillance Certificate from the Ministry before importation. Instead of applying for this certificate, importers are tended to declare the price more (up to minimum price) in order to avoid the burdersome of obtaining this certificate, which requires the disclosure of a lot of production related data from the exporters who rarely would be willing to share. Assume that X prefers to declare the value at the minimum fee
