I think for a watch, you should times it by 1.24 to get a rough idea. 20% VAT and around 4% import duty.
This is for the whole cost so include the delivery cost too in your calculations.
BW,
Chi Kai
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I'm thinking of buying a watch from a dealer in Japan.The converted cost is roughly £1700. What would I expect to be paying in customs & VAT fees?
I think for a watch, you should times it by 1.24 to get a rough idea. 20% VAT and around 4% import duty.
This is for the whole cost so include the delivery cost too in your calculations.
BW,
Chi Kai
Sent from my iPhone using Tapatalk
There is just the 20% VAT plus shipping (with handling fee) to add. Duty on individual watches isn’t collected.
Last edited by benny.c; 21st October 2020 at 18:39.
Max duty is €0.8 per piece. The VAT calculation is (value + shipping cost + €0.8 + handling fee)*20%.
Correction: The EU of course already has a free trade deal with Japan so forget the €0.8 duty payable.
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Last edited by lughugger; 22nd October 2020 at 00:02.
Thanks for the correction guys. Is this just for Japan or for other countries as well?
BW,
Chi Kai
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Couldn’t you just ask the seller to put a lower sales figure to slip it under the radar?
Tax evasion’s generally not a good idea. Plus in my experience, Japanese dealers are sticklers for playing with a straight bat.
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Would be surprised if a dealer would undervalue it for shipping incase it goes awol in transit.
As stated you will pay 20% plus some fees.
Is it a new watch? If not then just be aware of possible hidden issues and the risks involved.
Negotiating a lower value and the risks that involves is not recommended, especially for piece of mind. Full value and insured to that value is the only way to go.
Last edited by j111dja; 21st October 2020 at 22:45.
Wait till next year once the trade deal is in place.
Last edited by lughugger; 22nd October 2020 at 00:03.
This is the correct interpretation - free trade agreement doesn't automatically equal VAT-free import. It mainly relates to duties and trade barriers (additional duties on cars for example), rather than the VAT.
Japanese watches are attractively priced only if you visit/go on holiday in Japan.
I saved about 28% buying a new Grand Seiko from Japan vs Europe even with the VAT.
Thanks for the replies. The watch I'm interested in is a Grand Seiko. The retail here is £2.8k whereas the Japanese dealer had it at £1.7k plus shipping. If my maths is correct it looks like I'd still be hundreds better off importing it.
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Contact Solojapan on eBay. He's located in Spain but has strong connections with Japan. Perhaps he can help.