tax rate on bulk purchase from Korea?

[mavwrx]

i'm buying a lot of phones acessories from a seller in Korea. The total value of all the goods is 2590.00

How do i calculate customs tax and pay it? Would love to hear expereince on those who imported goods from china/korea.

 

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[Vigilante]

Mav. There's a ton that goes into your question. Grab a book on importing and read it, because the answer to your question is complex.

1. Bring the total merchandise value to below $2k or you will have to get a customs bond, and file for formal customs entry.
2. Research this category online for anything you can learn about importing this category
3. Phone accessories is the #1 most difficult category (in my opinion) to make money in --- zero barrier to entry and almost no margin. Will you be selling through stores, or on line? If on line, your competitor is 2,000 Asian middle men who ship directly from Asia to end consumers for a few pennies over their costs in Asia
4. On Monday, call your local customs and border protection office, and ask to speak with an import specialist. Tell them you are brand new to importing, and ask them your question. They will most likely answer it for you.
5. Check out online how to get a free binding ruling on the answer to your question from CBP. That's not required, but can definitively take all the guess work out of this on your side. Takes about 30 days, and it can all be done online for free.
6. Have them ship via. UPS, and then you can pay the customs tax directly to UPS a few weeks after your merchandise is delivered. UPS will bill you for it.

There's a LOT of information you can research on this forum on importing, but I would start with picking up a great import book, and meanwhile researching the market prices (not the cell phone store prices, but the eBay prices) for this category.

Good luck! Keep us posted on how this goes for you. A lot of first time importers could learn from you if you chronicle your experience.

 

[mavwrx]

Mav. There's a ton that goes into your question. Grab a book on importing and read it, because the answer to your question is complex.

1. Bring the total merchandise value to below $2k or you will have to get a customs bond, and file for formal customs entry.
2. Research this category online for anything you can learn about importing this category
3. Phone accessories is the #1 most difficult category (in my opinion) to make money in --- zero barrier to entry and almost no margin. Will you be selling through stores, or on line? If on line, your competitor is 2,000 Asian middle men who ship directly from Asia to end consumers for a few pennies over their costs in Asia
4. On Monday, call your local customs and border protection office, and ask to speak with an import specialist. Tell them you are brand new to importing, and ask them your question. They will most likely answer it for you.
5. Check out online how to get a free binding ruling on the answer to your question from CBP. That's not required, but can definitively take all the guess work out of this on your side. Takes about 30 days, and it can all be done online for free.
6. Have them ship via. UPS, and then you can pay the customs tax directly to UPS a few weeks after your merchandise is delivered. UPS will bill you for it.

There's a LOT of information you can research on this forum on importing, but I would start with picking up a great import book, and meanwhile researching the market prices (not the cell phone store prices, but the eBay prices) for this category.

Good luck! Keep us posted on how this goes for you. A lot of first time importers could learn from you if you chronicle your experience.

thank you! the margin on this item is about 80 to 90%. I've bought a few via ebay (this is where i found my distributor) and resold them through amazon so i know they can move. thanks on point #1. I will call customs.

 

[mavwrx]

thank you! the margin on this item is about 80 to 90%. I've bought a few via ebay (this is where i found my distributor) and resold them through amazon so i know they can move. thanks on point #1. I will call customs.

i contacted customs port and spoke with a specialist. They said dues would be levied by my shipper (fedex priority in my case). I chose fedex because i wanted the product asap without worrying about it getting delayed. Dues on my product is like 2 to 3%. Also certain items are prohibited by usps express so i would've had to use fedex anyways.

they did not say anyting about a $2K limit.

 

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