Import Invoice is a document issued by a foreign seller to the importer that details the goods sold, including price, quantity, and terms of sale.
How It Works:
- The exporter prepares the invoice.
- The document includes shipment and pricing details.
- It is sent to the importer.
- Customs uses it to assess duties and taxes.
- It is used for payment and accounting.
Benefits:
- Acts as proof of transaction
- Required for customs clearance
- Helps in accurate tax calculation
- Supports financial records
Example:
An importer receives an invoice from a supplier in another country showing the value of goods purchased.