Log In

Reset Password

New duty rate to take effect April 1

A new standard duty rate of 25 percent will take effect on April 1 for non-business goods.

But a statement released by Government on Friday added that “special” rates of duty, including zero-rates; higher rates (33.5 percent, 75 percent and 150 percent); and specific rates (for example for litres of alcohol), will remain unchanged.

The standard 25 percent duty rate and the special rates will be paid for goods imported by personal taxpayers, while the duty rates specified in the First Schedule to the 2012 Customs Tariff will be paid for business goods.

Businesses will be able to apply for generally lower duty rates in the Customs Tariff by specifying customs procedure code (CPC) 4000, which applies to goods eligible for business end-use relief on their Bermuda Customs declaration.

For the purposes of CPC 4000, “business” means:

n A business carried on for profit (i.e. the supply of goods or services for valuable consideration);

n A public authority in the performance of its functions (eg Government of Bermuda, Government boards or commissions, quangos, municipalities etc); or

n A registered charity in the performance of its functions.

* See the pdf document attached to the bottom of the online version of this story for more details, or click on the “Public Notices” button under “QUICK LINKS” on the Customs website, www.customs.gov.bm. Any questions on the standard rate, special rates or business end-use relief may be sent to customs[AT]gov.bm.

You must be Registered or to post comment or to vote.

Published March 26, 2012 at 2:00 am (Updated March 26, 2012 at 9:45 am)

New duty rate to take effect April 1

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon