Answered step by step
Verified Expert Solution
Question
1 Approved Answer
WORKING. b. Milky Way imports Frozen Cheddar Cheese. The shipment arrived at the seaport Cargo Warehouse. The shipping cost is $5,000.00USD for 3500 boxes of
WORKING. b. Milky Way imports Frozen Cheddar Cheese. The shipment arrived at the seaport Cargo Warehouse. The shipping cost is $5,000.00USD for 3500 boxes of 100,000 cans with 100,000,000,000 milligrams of cheese. The broker informs for Cheese, the Import Duty (ID) rate is 5%, and the Dairy Cess rate is $8.2180 per Kilogram. The Duty Value for the shipment of cheese is $50,000.00USD. Given that: 1. General Consumption Tax (GCT) rate is 15% or 20% depending on the purpose of importation 2. Standard Compliance Fee (SCF) rate is 0.3% 3. Environmental Levy (ENVL) is rate 0.5% 4. Stamp Duty is $100.00JMD 5. Exchange rate is 1USD: 150JMD 6. Customs Administration Fee is $25,000.00JMD Calculate all duties and taxes payable and the total sum payable by Milky Way for the shipments. SHOW ALL WORKING
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started