If simplified, Tariffs are the taxes which are imposed by the countries to protect the domestic market. They also impose such tariffs to boost their production and their country’s industries. Tariffs are put import goods and have been one of the ways through which the government can earn huge revenue. This also lets the government earn without letting its resources put in use.
Import tariffs help the government of a growing economy to create a domestically advanced market. To increase the price of imported items, the government imposes taxes on industries. This, along with creating a stable market in the country by uplifting the manufacturing of goods, also increases the export of goods.
This article will get you through the countries which impose a large amount of tariff on their imported goods.
The country which is always amongst the list of travellers. Has been one of the countries with the highest import duties. It is estimated that 60% of the total revenue of the Bahamian Government is raised by imposing import tariffs.
In the Bahamas, a 35% tariff is levied taxes on import goods which are a basic tariff. Meanwhile, the average tax rate has been reduced to 18.56 % because of the growth of tax-free items.
The Bahamas also requires permits to import items. Poultry, meats, vegetables, fruits, live plants, and animals. Medicines, Slot machines, trailers, and caravans for living. Firearms, fireworks, and underwater guns other than Hawaiian slings.
Gabon follows the import tariff structure of Central Africa which includes.
No import tariffs will be put for the goods produced within a Central African Economic and Monetary Community (CEMAC) member country.
However, the countries outside CEMAC impose a high amount of import tax on the outside world. This tax in Gabon is around 16.93%
The Value Added Tax (VAT) is 18% in Gabon. A reduced VAT of 10% applies to mineral water, cement, sugar, and chicken produced in Gabon. Milk products, butter, margarine, cereals, medicine, and medical supplies, and fertilizer are exempt from VAT. Companies operating in the Special Economic Zone are exempt from customs taxes and some income taxes.
Customs are generally dependent on the transaction value of imported goods. While the most common percentage of import tax in Bermuda is 22.25%. But, the food items have a lower rate of percentage, which is somewhere around 5 to 15%
Seafood like crab, lobsters, shrimps, prawns, scallops, mussels (fresh or chilled) attract higher duty of 12.5%.
The allowed maximum limit is 20 pounds for meat. Per person which is all imposed with duties and can be brought only for personal consumption. However, you can bring more amount of meat, with a meat inspection certificate.
All electronic and household goods are dutiable at the rate of 25% some items like batteries; vehicle parts have a duty of 33.5%.
Bermuda also has five types of duty-free allowances:
Passenger duty-free allowances, Crew member duty-free allowance. Accompanied personal goods of crew members arriving by air/sea are counted under this allowance.
Transfer of residence allowance (TRA)
According to these laws, the person who is a first-time resident can be allowed to carry personal, household, professional materials. This rule allows most of the personal and professional goods including clothing, furniture, household appliances, personal computers, and portable tools of the trade. But these all goods have to be in continues use for nearly a period of 6 months.
Goods that have been awarded overseas are allowed in Bermuda.
Inherited effects allowance:
You can import personal goods which you own in inheritance.
Central African Republic:
Another CEMAC country, with a shattered GDP since 2013. The central African Republic has been a country dependent on many foreign aids.
They are exporters of goods as they are rich in resources and have a great hold over the minerals found in the country. At the same time, the Central African Republic is also a big importer of machinery, food supplies, and other mining equipment’s on which they impose a heavy import tariff. CAR impose a 14.51% tariff on imported goods.
A reason behind such heavy tax is they are still a troubled country, struggling with the issue of civil war. Although, the nation is full of minerals like gold, diamond and uranium. Most of the easily found minerals are smuggled.
This country is the third country on our list having a relation with the central African economic and monetary community (CEMAC). Just like other members of CEMAC, Chad also has the Organization for Harmonization of Business Laws in Africa (OHADA) Community Integration Levy, levy, and the Community Integration Contribution (CCI).
Materials which are imported from outside the CEMAC countries are added to customs duties according to four tariff rate. Intermediate goods like tools and tires have a 20% tax on them. Consumer goods, canned foods, electronics have 30% of tax imposed. While products such as flour, rice, etc have a 5% import tax while primary materials and equipment have 10%.
The government of this nation also applies an 18% VAT and a 2% “statistical tax” to all goods entering or leaving Chad.
Chad imposes the excise tax in addition to the mentioned customs duties. There are other supplementary taxes, like 51% on new automobiles, 25% on alcoholic beverages and tobacco. Also, 20% taxes on luxury products like televisions, audiovisual equipment, air conditioners, automobile radios, CD laserdiscs, home appliances.
This autonomous British Overseas Territory is again from the Caribbean Sea. This country is actually three separate islands which impose a large percentage of tariff import tax on the goods except on the duty free items.
Cayman Islands is a member of the Association of Caribbean States (ACS), Organization of Eastern Caribbean States (OECS), as well as CARICOM Caribbean Development Bank (CDB).
Cayman Island has an import duty of around 22 per cent. According to the rules in this territory some luxury items carry significantly higher rates.
Although, besides heavy imposition of tariffs on luxury items, some products do require import permits while according to the rules these import duties are subject to change.