What it mean of FOB and CIF value in the Malaysia Custom Acts?
F.O.B.(Free On Board) and C.I.F. (Cost, Insurance and Freight) are standard terminology refering to different types of shipping terms. F.O.B. means the seller delivers to the shipping port and the buyer must cover transportation and insurance costs. Same goes for C.I.F., except that seller arranges for insurance and freight to the DESTINATION port. Thus, F.O.B. value reffers to cost of the merchandise at the factory, while C.I.F. value refers to the cost of the merchandise delivered in Malaysia. |
