Import duty financing

Import duty is a tax collected on imports and some exports by the customs authorities of a country.It is usually based on the value of goods that are imported. Depending on the contexts, import duty may also be referred to as customs duty,tariff,import tax or import tariff.:

For motor vehicle importers this is a short term loan facility meant to clear port charges on their behalf in order to facilitate faster settlement of duty charges at Kenya Revenue Authority (KRA)and other bodies to avoid demurrage.

The requirements for this loan for the applicant are:

• Bill of lading
• Invoice
• Export certificate (Japanese Logbook)
• Inspection certificate (Jevic)

The term for this facility is usually one month but it can be converted to a logbook Finance facility at the expiry of one month, if the customer so wishes. To apply for a Import duty Finance loan,follow the outlined steps below:

Got it!