Term: Commercial invoice
What is a commercial invoice?
A commercial invoice is a document used in international shipping.
It gives information about the product being sent, including:
- what the item is
the seller and buyer
the date and terms of the sale
the quantity and weight
the value of each individual item
the total value of the package
any insurance and shipping costs
Customs officials use commercial invoices to work out the value of the goods being traded. This is so they can work out tariffs, which are taxes imposed on imported goods.