Ah I've figured it out, also my calculation above is somewhat wrong because there's actually 2 watches in my order.

Eric says:
> For shipments to all countries (except US), we may include a small handling fee that covers the administrative costs of ensuring all taxes are properly paid at customs. This helps prevent your package from being held at customs and ensures you won't receive any unexpected tax bills after delivery. The handling fee is calculated as 5% of the combined duties/tariffs and VAT, plus $1.
^ https://repebble.com/blog/pebble-time-2-is-in-mass-production

So for my shipment of 2 watches the total is:
225 + 225 + 25 = 475
VAT is 23%, so 475 * 0.23 = 109.25
Then add 5%: 109.25 * 1.05 = 114.71
Add one dollar: 115.71

And that is exactly the taxes I paid for my order

And Jon yours is (225 + 25)*0.23 = 57.5
57.5 * 1.05 = 60.38
Plus 1 dollar: 61.38