Point: Customs calculator

2023: Launch of customs calculator for entrepreneurs

On June 28, 2023, Tochka Bank announced the launch of a customs calculator for entrepreneurs. Now entrepreneurs working with foreign suppliers will be able to calculate in advance all customs payments for goods that are planned for import.

Customs calculator

As reported, in order to calculate customs payments, an entrepreneur simply needs to enter the name of the product and its characteristics. The calculator will select the appropriate VED TN code, calculate the amounts of customs duties, duty and VAT.  

The calculator insures the entrepreneur against situations when one amount of customs duty is indicated in open sources, but in fact - it is 1.5-2 times higher.

For example, if an entrepreneur wants to import frozen strawberries from Turkey, the import duty rate on it will be 10%. But there is information in open sources that strawberries are subject to a duty of 5% (for fresh strawberries), or 3.75% in the case of imports from Iran or Egypt. All these cases do not fit the goods that the entrepreneur needs. Due to incorrect information, he has a risk of filing a declaration with an incorrect amount. 

In such cases, customs begin to ask for information, or immediately send a declaration with the correct data for reassignment. The entrepreneur needs to respond to these requests, as well as pay additional customs payments. During this time, most of the batch may deteriorate - then the entrepreneur will suffer losses for storage, damage to goods and, in addition, will receive an administrative offense. The customs calculator will help to avoid such problems: when choosing a product and country, it will show the exact rate of tax duty and VAT, taking into account all the features. However, before submitting a declaration, we still recommend consulting with an expert in the field of declaration. explained Anna Davydova, leader of the "Foreign Trade Import" direction at the Point