Difference between revisions of "Import tax"

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Import Tax is a tax set forth by the [[Country administration]] that decrease the earning cutting out the tax from the price of items at the [[marketplace]] when [[citizen]] selling the item doesn't have a [[citizenship]] of the [[country]]. Tax revenue is added to the country's account.
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[[File:Taxes2.jpg|thumb|right|500px|List of taxes that can be found on [[Economy]] tab in [[My country]]. Import tax is in the second column.]]
  
Example: If a citizen with Spanish citizenship decides to sell one unit of [[Food]] at the marketplace in France for $1.00, and France's import tax for food is 50%, and France's [[VAT]] is 5%, then the earning for the seller will be only $0.45 (1.00 - 55%). So the import tax is now a real loss for the seller, and not anymore just an obstacle for the price competitivity.
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{| cellpadding=5 |
This new way of taxation makes the export activity almost always less profitable than placing offers on the local market.
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|[[File:Icon law VAT & import taxes.png]]
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|'''Import tax''' is a tax set forth by the [[Country administration]] that decreases the earnings, cutting out the tax from the item price on the [[marketplace]] if the seller doesn't have the [[citizenship]] of the [[country]] where that market is.
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|}
  
Tax rates can be viewed by clicking on the [[Economy]] tab on [[Country stats]].
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Tax is calculated from the sale price of a product by combining the items' import and VAT tax of a country where the item is to be sold. However, the easiest is to calculate how much would be the clean earnings and then the difference between the sale price and earning price is the actual import tax value.  
  
==See Also==
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To calculate the clean earnings following formula is applied:<br> <center> '''(SALE PRICE) / (100 + both tax rates) * 100'''</center>
  
*[[Income Tax]]
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;Example: ''If a citizen with {{SmFlag|Spain}} Spanish citizenship decides to sell one unit of [[Food]] at the marketplace in {{SmFlag|France}} France for {{Money|1.00}}, and {{SmFlag|France}} France's '''import tax''' for food is '''50%''', and France '''[[VAT]]''' for food is '''5%''', then the '''earning''' for the seller will be only {{Money|0.64}} '''(1.00/155 * 100)'''. <br> This also means that the import tax value is {{Money|0.36}} '''(1.00-0.64)'''''
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However, to simplify the process for citizens, tax value is calculated automatically and can be seen when a product is put on the marketplace. Tax revenue is added to the [[Treasury]] of the country.
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Import tax makes the export activity almost always less profitable than placing offers on the local market. Unless a citizen finds a foreign [[products]] market where the sum of that market VAT and import tax is less than the VAT value of citizen's citizenship country (local market). However, foreign [[raw materials]] market is always more expensive than the local raw materials market.
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Import tax rates can be viewed by clicking on the [[Economy]] tab on [[My country]].
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==See also==
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*[[Work tax]]
 
*[[VAT]]
 
*[[VAT]]
*[[Taxes]]
 
  
 
{{Back|Taxes}}
 
{{Back|Taxes}}
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{{MenuEconomy}}
 
{{MenuEconomy}}
[[Category:Laws]][[Category:ERepublik Legacy Articles]]
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[[Category:Economy]]

Latest revision as of 16:20, 8 November 2020

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List of taxes that can be found on Economy tab in My country. Import tax is in the second column.
Icon law VAT & import taxes.png Import tax is a tax set forth by the Country administration that decreases the earnings, cutting out the tax from the item price on the marketplace if the seller doesn't have the citizenship of the country where that market is.

Tax is calculated from the sale price of a product by combining the items' import and VAT tax of a country where the item is to be sold. However, the easiest is to calculate how much would be the clean earnings and then the difference between the sale price and earning price is the actual import tax value.

To calculate the clean earnings following formula is applied:
(SALE PRICE) / (100 + both tax rates) * 100
Example
If a citizen with Flag-Spain.jpg Spanish citizenship decides to sell one unit of Food at the marketplace in Flag-France.png France for Money.png 1.00 CC, and Flag-France.png France's import tax for food is 50%, and France VAT for food is 5%, then the earning for the seller will be only Money.png 0.64 CC (1.00/155 * 100).
This also means that the import tax value is Money.png 0.36 CC (1.00-0.64)

However, to simplify the process for citizens, tax value is calculated automatically and can be seen when a product is put on the marketplace. Tax revenue is added to the Treasury of the country.

Import tax makes the export activity almost always less profitable than placing offers on the local market. Unless a citizen finds a foreign products market where the sum of that market VAT and import tax is less than the VAT value of citizen's citizenship country (local market). However, foreign raw materials market is always more expensive than the local raw materials market.

Import tax rates can be viewed by clicking on the Economy tab on My country.

See also


Back.gif Back to Taxes page