It is a tax levied by the government on imports from other countries. When a person imports goods into the country, they have to pay extra for the goods. This added value on imported goods is meant to motivate consumers to buy from the domestic market instead. With the global transition to e-commerce, the impact of import taxes on online businesses has become very important for business owners to know. The amount of duty payable depends on the number of imported products, the type of products, and the country of origin. In Zimbabwe, the Zimbabwe Revenue Authority (ZIMRA) is responsible for imposing import duties and enforcing import regulations.
If you are an importer interested in learning about import duties in the country, here is an article about import duties in Zimbabwe and other information you may require.
What it is
They are a form of taxes levied by a body under the government on the importation of goods. In most cases, the value of imported goods is determined by the tax imposed by the government. They are often mistaken for customs duties, tariffs, or taxes. They are taxed to generate revenue for the state and to protect domestic goods from the domination of foreign products. They are also charged to prevent foreign goods from swamping the local market.
Import duties in the country
They are taxes imposed on goods and services imported into the country. These taxes are levied on the value of the goods and are paid by the importer. They are collected by The Zimbabwe Revenue Authority, often known as ZIMRA, which is an organization that is in charge of collecting customs and excise duties. Import duties in the region are differentiated according to the kinds of commodities that are brought in. While these levies do not apply to certain items, different duties may be imposed on other types of merchandise. In contrast to other taxes that are decided by the number or weight of the products, they are computed as a percentage of the total value of the imported commodities. The country maintains a tariff list that divides different types of items into their respective tax brackets and assigns different rates of taxation to each category. Importers can verify the most recent pricing on the ZIMRA website or by consulting a customs officer to learn about any changes to the tariff list.
In addition, additional levies, duties, and taxes, such as the value-added tax (VAT), excise tax, and environmental tax, could be imposed on imported items. Importers must be aware of the numerous taxes and levies associated with bringing products into the country to avoid financial fines or extra customs clearance time at the border.
Charging import duties
Taxes on imports are not standard across all nations. They are often calculated as a percentage of the total value of the shipment, which takes into account the cost of insurance and delivery. It is common for people to be ignorant that import duties must be paid on their shipments. Yet, the owner of a business needs to advise overseas clients about the tax that will be paid to the customer’s order. In this manner, they won’t be forced to spend more money on delivery. Users can estimate it by adding their country’s tax rate to the price of the item they want to purchase. If you are unsure how to compute the import tax, you should speak with an expert or a business support organization. The majority of them provide a calculator that can be accessed online.
It is important to keep in mind that importers are obligated to pay these taxes on their goods before the customs department would release them. Should they fail to make their tax payments, they risk incurring monetary penalties, fines, and possibly having their assets seized.
