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Archive for March 11, 2018

Bahamas Imported Vehicle Cost Calculator

Since the implementation of value added tax (VAT) in January 1st of 2015 by the Government of the Bahamas, the revenue performance has opened the door for several customs duty reductions and some tariff eliminations to ease the burden on Bahamians.

In light of this, Custom duty rates in The Bahamas, for those wishing to import used vehicles, are determined by the value of the vehicle.

For instance, if a vehicle costs $10,000 or less, you will be charged a duty rate of 65%. And if a Vehicle is valued at $10,001 to $40,000, it will also stand at a rate of 65%. The same applies to Vehicles priced over $40,000; except for Vehicles/Trucks (over 20 tons), which are rated at 85%. For Hybrids and other electric vehicles duty rate is only 25%.

Taxicab owners would also now be able to import duty free used vehicles up to three-years-old as opposed to the current existing restrictions of new cars only.

The government has also banned the importation of wrecked vehicles and cars more than ten years old.

Other charges may include: 1% processing fee, environmental levy fee for vehicles, storage fees, freight and insurance and landed charges. And here is the link to the Frequently Imported Items.

Please bear in mind that the 7.5% VAT is not included with such fees and it must be paid separately. The VAT amount can be obtained by multiplying 7.5% to the Total Landed Cost.

So, to make it easy, we have come up with an Imported Vehicles cost calculator that will facilitate that calculation of the cost of your imported vehicle.

Imported Vehicle Cost Calculator

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