What is an ‘Import Duty Rate’?
The import duty rate is the rate, percentage or static, charge applied to a good on import into a conuntry when sent from another. Quite often it is a % based on the CIF or FOB value of the shipment. However sometimes it can be a non-ad valorem charge meaning there is a charge to pay based on criteria other than value. This could be a rate per unit of weight or volume for example.
What does FOB mean?
FOB stands for Free On Board or Freight On Board. With an FOB shipment the duty is applied to good’s value excluding any shipping or insurance charges. Ultimately is implies that the shipper will be responsible for all of the carrier’s costs and risks until items are on the transportation vessel. Once the goods are loaded the costs and risks then transfer to the buyer.
Some countries use the FOB value to calculate cost of import charges.
What doe CIF mean?
When a CIF — Cost, Insurance and Freight Difference. The seller bears the risks until the goods arrive in the destination port. Ultimately the insure the goods whilst they are on the transportation vessel. With a CIF shipment the insurance and freight charges are included with the cost of the goods in the total CIF value.
Some countries use the CIF value to calculate cost of import charges.
How Can I find accurate rates?
Assigning customs rates for import your goods from overseas has never been easier. Using our quick tool below, you can easily discover and export the rate for any given country of import. Alternatively you can use our “Get Duty Rate” API.