DEFINITION of 'Cost, Insurance and Freight - CIF'
A trade term requiring the seller to arrange for the carriage of goods by sea to a port of destination, and provide the buyer with the documents necessary to obtain the goods from the carrier.
Cost, Insurance and Freight, a sales contract term indicating that a price includes cost, insurance and freight
For the purpose of customs valuation, the CIF value is the price paid for the goods plus the cost of transportation, loading, unloading, handling, insurance, and associated costs incidental to delivery of the goods from the port or place of export in the country of export to the port or place of import in the country of destination.
TARIFF RESOURCE: WTO Tariff Database, use the applied rates. Requires registration.
TAX: There is a 17 percent tax applied on CIF + duty for all products. There are also a customs processing fee of $50 USD and a possible excise tax, both applied on CIF.