Purchasing and exporting of products are one of the key signs of globalisation. The exchange of goods and commodities has been the main reason the economy is thriving successfully. Of course, you have to have a trusted logistic company that will be your partner for the transport of goods. Furthermore, transportation is not cheap, so you have to choose your company well.
Just like any business, importing and exporting goods come with taxes. This is known as the import tax. To know more, the information below can be your guide.
What is an import tax?
An import tax is a tax implemented on products by the Customs official in each country that have been imported or exported to the country. They are responsible for ensuring that all items coming inside are legitimate as per the declaration of the customs laws.
Now, if you are looking for a logistic company that offers an import tax calculator for Malaysia, then DHL is the logistic company you can go with.
Who is DHL?
DHL is one of the logistics companies revolutionising and leading the logistic industry. As founded by Dalsey, A., Hillbom, L., and Lynn, R. in 1969, the company was able to grow to 220 locations having 380,000 employees. This massive work location and workforce allows you to market your products or send important documents across international borders.
What services does DHL offer?
They have offered three primary logistic services: domestic delivery, exportation, and importation.
The company offers a localised delivery system that fits parcels delivered within the country’s national borders. It is fast and reliant as the system is easier to track with the border’s location. For exportation, it delivers parcels to any place with door-to-door service in an optional time frame.
The very trend in the company’s service is the importation within the 220 countries, particularly in Malaysia with home delivery, pick up and drop off service reliant and flexible.
The 1,818,000,000 yearly deliveries are proof of the success of the company’s service.
What are the responsibilities needed to perform when importing to Malaysia?
As the company’s greatest share in its yearly delivery revolves around importation in Malaysia, rules, regulations, and responsibilities must be followed. As mentioned, importation taxes are administered. With this, DHL offers an import tax calculator for Malaysia.
For the duties executed during importation, 0 per cent up to 30 per cent taxes are implemented based on the CIF value of the products once the item is unloaded at the port. But these taxes are lifted if the products are considered per centred goods. Add the CIF value with import tax and excise for specific calculations, then multiply it by the sales rate.
Now, if items fall under excise duties, the taxes will be calculated based on the country they will be delivered.
All imported products shall undergo 5 per cent or 10 percent of the sales tax unless items are transferred in the bond area.
All of these tax rules are implemented during the importation process, but in Malaysia, if your product’s value is less than RM500, then no taxes will be implemented. This special case is known as DMV or Value of De Minimis. Other than this, if you are importing products for personal use and not as a business, you can be exempted from paying those taxes, provided it passes the guidelines. This falls under the exemption implemented for personal goods.
As DHL aims to provide worldwide logistic service, anyone can experience their service regardless if it’s for personal use or business. To ensure that every item is followed true, the company, in collaboration with the Customs Office, uses HS or Harmonised system, which allows each good to have codes that can be recognized easily internationally to make transportation fast and efficient.
You can contact DHL and try their import tax calculator for Malaysia to know how much you need to pay or if the importation falls in certain cases. Your products will be safe and calculated well through DHL’s import tax calculator for Malaysia.