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Video instructions and help with filling out and completing customs duty drawbacks
Tariffs in lesson 7 point 1 we talked about how shipping costs can significantly lower your profit margin even if you get a great price on a product the same goes for tariffs if you're not careful duty which is another word for tariffs will not only eat away at your margin you may even end up taking the loss so what is Duty Duty is a form of tax which your government imposes on you when you import products from another country why did they do this to answer this question let's say you lived in New York City in the United States and you want to start a t-shirt business you have two options buy local or buy from abroad your first option is to buy custom-made t-shirts from a supplier in China for five dollars each the second option is to buy a similar quality t-shirt from a supplier in Los Angeles for seven dollars each if you're ordering a thousand t-shirts chances are you would opt for the Chinese supplier because you'd save around $2,000 this is where your local government steps in and charges you a tax for choosing an international supplier over a local source the government wants you to buy local because it creates jobs keeps the money in the country and they collect more taxes let's look at a breakdown of the true cost after you pay duty if you were to order t-shirts from China with an mo Q of a thousand units for an fo B of five dollars your total cost would be five thousand dollars say shipping is another $200 so now you're up to $5,200 u.s. now factor in duty which for this product is going to cost around eight hundred dollars so your grand total is six thousand dollars now let's see what happens if you were to source a comparable t-shirt from the United States at seven dollars each since domestic shipping is cheaper and there's no duty your grand total would be around seven thousand dollars suddenly you're not saving as much money and the question is do you want to save a thousand dollars or do you want to charge more for your product and promote the fact that you sell made in the USA t-shirts so as you can see Duty is there to level the playing field and give local companies a shot at competing with international suppliers so how are tariffs calculated every country has a unique formula for calculating duty but for the most part it depends on three factors one the country of origin of the product to the type of product you're importing and three the total value of the goods you're bringing into the country the country of origin plays a large role in calculating tariffs the t-shirt from China will be taxed differently than a t-shirt from Bangladesh your government negotiates tariffs with other countries based on their own treaties for example under NAFTA.