Are my maths on a BMW import right?

Hi,

I am looking at importing a BMW 4 Series from the UK, March 2018 with 100 miles on the clock. I am trying to work out the tax implications. Can you let me know if my assumptions below are correct?

Purchase price in UK £23,000 = €26,200

VAT Qualifying @20% = €4,367

VRT = €7,069 (from VRT calculator)

Revenue OMSP = €37,206

Irish VAT = €37,206 X 23% = €8,557

Total import cost = €26,200+€7,069+€8,557 = €41,826

VAT refund from UK = €4,367

Total car cost = €37,459

Thanks

Tim

Tim Crowe (Doon)

Feb 2019 Filed under: importing

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Expert answer

Hi Tim,

Yes, that looks about right to us and, if you’ve used the Revenue VRT calculator, then the VRT cost should be close enough to what you’ll actually have to finally pay. One word of warning — the calculator doesn’t allow for extra optional equipment, which can jack up the cost of VRT, so beware of that when you bring it down for inspection.

Neil Briscoe - Complete Car Advisor
@neilmbriscoe