Hi for For Toyota Wish 2000 CC (Year 2007) in japan, is my calculation below correct?

1) FOB
FOB 6900 USD (Assuming RM3.325 = 1 USD, refer attached photo, currency rate as per 24th Jan 2014)
= 6900 *3.325
= RM22,942.50

2) Freight fare
Freight fare: (not the actual freight fare that you pay, but a fixed value by the customs office, according to the area of import).
Japan/Korea: RM 1,200.00

3) Insurance
Insurance: 1.5% of FOB
= 1.5% x RM22942.50
= RM 344.14

4) CIF
CIF (Cost, Insurance, Freight) value
= FOB + Insurance + Freight fare.
= RM 22942.5 + 344.14 + 1200
= RM 24486.64

5) Import duty
= CIF x 30%.
= RM22942.50 x 30%
= RM6,882.75

6) Excise duty
= (Import duty + CIF) x 80%, effectively 104%.
= (RM 22942.50 + 6882.75) x 80%
= RM 29825.25 x 80%
= RM 23,860.20

7) Sales tax
= (CIF + Import duty + Excise duty) x 10%, effectively 23.4%
= (RM 22942.5 + 6882.75 + 23860.20 ) x 10%
= RM 53685.45 x 10%
= RM 5,368.54

Total for Tax
= Import duty + Excise duty + Sales tax
= RM36,111.49

Grand Total
= CIF + Total for Tax
= RM 24,486.64 + 36,111.49
= RM 60598.13

This post has been edited by haoching: Jan 26 2014, 12:13 AM