Customs Valuation is a customs procedure applied to determine the customs value of imported goods. The WTO Agreement gives the general principles for an international system of valuation. It stipulates that the value for customs purposes of imported merchandise should be based on the actual value of the imported merchandise on which ad valorem rates of duty is assessed.
Points to note before importing a vehicle into the state
Total taxes assessed on vehicles can be done using the vehicle calculator.
The date of manufacture is essential in calculating the Vehicle Surtax.
Surtax increases exponentially after eight years old from the date of manufacture.
Avoid purchasing vehicles that is over eight years old from the date of manufacture.
Avoid purchasing vehicle that is likely to be over eight years old from the date of manufacture, at the date of importation.
The registration date or model year is what is posted on websites, not necessarily the date of manufacture.
Always ensure that the seller gives the manufacture date. Not only the registration date.
Mild hybrid vehicles are classified as any other vehicle with internal combustion engines