Purchasing a Tangem Wallet offers convenience and access to cutting-edge cryptocurrency management. However, you should know potential import taxes and duties that may apply when your order crosses international borders. This guide will help you understand these charges and how they vary by region.
What are import taxes and duties?
Import taxes and duties are fees imposed by a country's customs authorities on goods brought in from abroad. These charges are intended to protect local industries and generate revenue. The amount charged depends on factors such as the item's value, category, and the destination country's specific tax policies.
Factors influencing taxes and duties
In the case of a Tangem Wallet, here are the key factors that determine the amount you might pay:
- Product value: Higher-priced items often incur higher taxes.
- Category of goods : Electronic goods or accessories may have specific tariffs.
- Shipping costs: In some countries, the declared value for customs includes shipping fees.
- Destination country's policies: Import regulations and tax rates vary widely.
Examples of import policies in different regions
India: In India, goods valued over INR 5,000 may attract customs duties, including Integrated GST (IGST). The duty rate for electronics is typically between 18% and 28%. Additionally, a customs processing fee may be applied.
Africa: Many African nations impose duties based on the item's declared value. For example, Nigeria charges about 7.5% VAT and specific import duties. In South Africa, goods worth over ZAR 500 are subject to VAT at 15%, plus customs duties, depending on the product type.
Asia: In countries like Singapore, goods valued under SGD 400 are exempt from GST, while higher-valued items are taxed at 8%. In the Philippines, electronics may be subject to duties ranging from 0-1 5%, with an additional 12% VAT.
European Union: All imports valued over €150 are subject to VAT, which ranges between 17% and 27%, depending on the EU country. Import duties may also apply, depending on the product category.
Canada: Canada imposes a Goods and Services Tax (GST) or Harmonized Sales Tax (HST) ranging from 5% to 15%, depending on the province. Additionally, duties on electronic goods may vary depending on their classification under the Canada Border Services Agency (CBSA) tariff.
Mexico: Import duties on electronics can range between 0% and 20%, with an additional VAT of 16%. Items valued under USD 50 are generally exempt from duties if declared properly.
Brazil: Brazil applies a flat import tax rate of 60% on the declared value of goods, including shipping. Additional state taxes (ICMS) may also apply, depending on the destination state within Brazil. This makes it one of the countries with the highest taxes on imports.
Argentina: Argentina charges a 50% import duty on goods valued above USD 50. Buyers must also register the import and pay any taxes before the item can be delivered.
How to prepare for import costs
- Check local customs policies: Before ordering a Tangem Wallet, research the tax regulations in your country. Many customs websites provide duty calculators or guidelines.
- Understand declared value: Customs authorities base their calculations on the item's value, including shipping. Ensure the declared value is accurate to avoid penalties.
- Be ready to pay upon delivery: Import taxes are often collected at the time of delivery. Be prepared to pay the courier service or customs office.
While Tangem cannot control or predict the exact import taxes and duties for every country, we strive to ensure a smooth buying experience. We provide a breakdown of shipping costs at checkout.
FAQs about import duties
1. Are taxes included in the purchase price?
No, the price of the Tangem Wallet does not include import taxes or duties. These are determined by your country's customs authorities.
2. How can I estimate my import fees?
Use online duty calculators or contact your local customs office for guidance.
3. What happens if I don't pay the fees?
Your package may be held at customs or returned to the sender.
Import taxes and duties are an essential aspect of international shopping. By understanding your country's policies and planning accordingly, you can enjoy your Tangem Wallet without unexpected surprises. If you have any questions, reach out to our support team.