Value Of Taxable Importation

               

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Value of Taxable Importation

The Value of Taxable Importation (VOTI) is defined by the GST Legislation as the sum of:

Customs Value + Duty + Transport and Insurance + Wine Equalisation Tax (if applicable).

The VOTI is used to calculate the GST applicable to the importation. There are three type of duty (General Duty, Standard Duty and Duty) so there are three types of VOTI used within the ICS.

The formulas to calculate each type of VOTI are:

  1. Line VOTI Amount = Line CVAL Amount + Line Duty Amount + Line Countervailing Duty Amount + Line Dumping Duty Amount + Line T&I Amount + Line WET Amount

  2. Line Standard VOTI Amount = Line CVAL Amount + LineStandard Duty Amount + Line Countervailing Duty Amount + Line Dumping Duty Amount + Line T&I Amount + Line Standard WET Amount

  3. Line General VOTI Amount = Line CVAL Amount + Line General Duty Amount + Line Countervailing Duty Amount + Line Dumping Duty Amount + Line T&I Amount + Line General WET Amount

V1.0 02 APR 2004