Are my maths on a BMW import right?
The question
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
Asked by Tim Crowe ·
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.
Answered by Neil Briscoe