Commercial Invoice
A commercial invoice is the seller's bill to the buyer, listing the goods description, HS code, quantity, unit price, total value, currency and Incoterms rule. It is the basis for payment, for the export or import declaration (PEB or PIB in Indonesia) and for the customs value. Its details must match the packing list, the B/L and any letter of credit terms. Undervaluing or vague descriptions often lead to customs value corrections and inspections.
Related terms
- Packing List
A packing list itemises a shipment package by package: package numbers, packaging type, contents, net and gross weights, dimensions and shipping marks.
- Customs Value
Customs value is the value of imported goods on which import duty is calculated.
- Incoterms
Incoterms are the ICC rules that set the delivery point, the transfer of risk, and the split of costs and customs duties between seller and buyer.
- Letter of Credit (L/C)
A letter of credit is the issuing bank's written undertaking to pay the seller once documents that comply with the credit's terms are presented, usually under the ICC's UCP 600 ru…