Actual freight or 20% of the FOB value of the goods, whichever comes first. 1) In cases where the cost of freight/transport is unknown, the cost shall be calculated as 20% of the FOB value of the products.
The freight and insurance costs must be added to determine the CIF value. Freight is calculated at 20% of the FOB value. This equals USD 200.00. The insurance rate is 1.125 percent - USD 13.00. (rounded off).
Ex-factory price + other costs = FOB value
(b) Other Costs in the FOB value calculation refer to the costs of loading the products onto the ship for export, such as domestic transportation costs, storage and warehousing, port handling, brokerage fees, service charges, and so on.
The assessable value of items imported under the Cost, Insurance, and Freight (CIF) Incoterm is CIF plus the customs handling fee (of one percent). Simply include the cost or invoice value of the products, as well as insurance and freight fees, to get the CIF value.
Import Value = The total amount spent by the home country on goods and services imported from other countries.
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