Import duties on coins...?

[ATOMICSQUIRREL 10]

Hi,

 

Are coins duty free? If not,what are the import duties on coins? What is the formula to calculate it?

If i want to purchase for example an ancient Roman gold coin from the US or Europe to the value of R10000.00...:worried:

 

V

[xsiandreas 10]

You will be charged 14% tax on the value indicated on the parcel or invoice and a R30 clearance fee by customs. If you buy a R10000 coin expect to pay R1430 in customs. Sometimes you get lucky and there is no charge, but this is usually only on parcels less than R1000. Don't forget to insure it as high value parcels do get lost - I would only use couriers.

[Bellcoin 10]

Hi

 

This is the most unfair thing SARS does.

 

I have had a number of arguments with them in the past regarding this. My argument has always been how can you tax money. (I have only brought SA coins into the country) at 14%. In retrospect then one should be able to charge SARS VAT when paying the money to them. The principle is the same.

 

The most important thing I have found is just do not accept this, argue your case. I have on a number of occasions only paid clearance fee's or nothing at all. It all depends on the supervisor that is there. The supervisor can decide.

 

ALWAYS tell them whats in the parcel. Very often they open it and they know.

[alloway65 10]

If you run a VAT registered business you can claim the VAT back!

[TS Ron 10]

Depending on how you going to bring it into the country. If you going to use a courier make sure you have an importers licence or excise is going to charge you an astronomical amount for import duty! They do not buy the fact that you did not know that you need an import's licence either.

[ATOMICSQUIRREL 10]

I do have an importers licence, but how are you suppose to trade with these coins if you have to pay an extra 14% on them?

You cant even Fart without SARS claiming a percentage of it.:unsure:

 

My CC is not VAT registered, my accountant said not even to bother applying for a VAT nr.

"Trade cash for as long as you can"-:nuts:

Cash is King! Hail-Hail-Hail!

Edited October 14, 2011 by ATOMICSQUIRREL

[Bellcoin 10]

If you are bring in coins for your own use - the worst is VAT - there is no need for any form of licence. In three years I have paid VAT and VAT only.(sometimes)

 

You can debate with SARS - people are just to scared to. If they send be mail, go to the Post Office depo - go to SARS and state your case. I had coins graded - paid vat on the grading fee's. Very strange

Edited October 14, 2011 by Bellcoin

[TS Ron 10]

I do have an importers licence, but how are you suppose to trade with these coins if you have to pay an extra 14% on them?

You cant even Fart without SARS claiming a percentage of it.:unsure:

 

My CC is not VAT registered, my accountant said not even to bother applying for a VAT nr.

"Trade cash for as long as you can"-:nuts:

Cash is King! Hail-Hail-Hail!

What I can not understand about this Gov they want to stimulate business growth which shall employ people? At the rate we paying tax I do not see how we can stimulate business? I must be quite ignorant to see beyond this problem. I realize a country needs money from taxes to function as well.

[EEND 10]

Make my day: send a mail to Contact.south@sars.gov.za

[ATOMICSQUIRREL 10]

Make my day: send a mail to Contact.south@sars.gov.za

 

I would love to EEND but their inboxes are so full of these they go straight to the SPAM folder!:wink: