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Rick Martin
Rick Martin, Certified Public Accountant (CPA)
Category: Tax
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Experience:  CPA
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Can You please help me estimate Price reduction of a new

Customer Question

Hello
JA: Hi. What is your issue regarding?
Customer: Can You please help me estimate Price reduction of a new vehicle through Tax reduction/exemption if this car is going to be shipped directly to Europe?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: Well, I am thinking of starting a new business offering new luxurious cars that are offered in US but are not available for purchase in EU and Switzerland.
JA: Is there anything else important you think the Accountant should know?
Customer: The price of a car would be between 50000 and 150000 US Dollars.
Submitted: 3 months ago.
Category: Tax
Expert:  Rick Martin replied 3 months ago.

Hi, I'm happy to help. I kindly ask that you give me a positive rating after I provide you with an answer if you are happy with my service. This is a technical question that may involve a little back and forth conversation. I'm available to answer any follow up questions after. Please give me a moment to respond.

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Expert:  Rick Martin replied 3 months ago.

The deduction for a car depends on who is getting the deduction and why. In this case, the cars are being resold in a business. You would be entitled to count the entire cost of the car 50-150 against your taxes as a cost of the goods you sell. In addition, you would be allowed to deduct any expenses that are considered ordinary and necessary in getting the cars overseas. This would include transportation, insurance, labor, foreign import taxes and permits, and any other expense you incur, dollar for dollar, that is considered ordinary and necessary.

Expert:  Rick Martin replied 3 months ago.

Thank you for this opportunity to serve you. I kindly ask that you give me a good rating if you are happy with my service. I would like to maintain my my five star rating. Please feel free to ask follow up questions. -Rick

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Customer: replied 3 months ago.
This question is for Rick Martin who had answered my last inquiry.
Dear Rick, thank you very much for your answer.
I did not ask my question properly, therefore did not get the answer I need...I live in Switzerland and untill now I know little about taxes in US. My firms headquaters will be in Switzerland or EU! So I will be importing cars from USA to Europe and Switzerland.Therefore my question is what taxes are imposed on US cars?
I understand that, as an importeur from Europe, I will be able to deduct all of those Taxes?1. example "Mercedes GLE SUV plug-in hybrid" which top full version costs on internet 96000 US Dollars.
2. example "Toyota 2017 Land Cruiser" which full option costs on internet 89000 US Dollars.
How much are these cars going to cost after taxes deductions, and what taxes are going to be deducted?
Expert:  Rick Martin replied 3 months ago.

Hi, thank you for rewording your question. Before, I understood your question to mean that you were a US taxpayer asking what types of expenses are generally deductible for a high-end auto import export business. Now, I understand your question to be from a Swiss perspective.

When you first purchase your autos from the US, you will purchase them like any other buyer. You will pay the sales tax applicable in the state in which you purchase the vehicle. Some states have lower sales taxes, but the price of the car may be higher, so all things must be considered. I have traveled to another state to purchase a new vehicle for a lower price.

Since you will not be registering the vehicles for US roads, your US taxes should end with the sales tax. If you were going to drive on US roads, you would also be subject to registration and licenses. After purchase, all tax matters should be on the Swiss side of the ocean. Swiss VAT on car imports is currently 8% and customs duties are 4% of the current value of the car.

A link to the US requirements for exporting a vehicle are here.

https://help.cbp.gov/app/answers/detail/a_id/307/~/requirements-for-exporting-a-vehicle-(including%3A-snowmobile,-atv-and-motorcycle)

I'm sure you've seen this many times, but here is a link to the Swiss page you will need to become very familiar with.

http://www.ezv.admin.ch/zollinfo_privat/04392/04393/04394/index.html?lang=en

I lived and worked in Zurich for PwC and miss Switzerland very much. PwC told us to buy a car locally because the cost to transport and import was too high. But this applied to lower-end cars.

You should not be required to file a US tax return unless you become a US citizen or establish business operations in the US.

I'm sure you've seen this, also:

http://www.helloswitzerland.ch/-/a-new-law-s-impact-on-auto-imports

Thank you for this opportunity to serve you and I wish you success in your endeavors. -Rick

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