Trade Flock - How to Import Solar Panels From China? TradeFlock - Import Cosmetics from China | Page 24

Shipping Documents to Import Cosmetics from China Bill of Lading It is the main freight document issued by the transportation company that specifies the shipping company, exporting company (seller), consignee (buyer), products, volume, and incoterm. The Bill of Lading is mandatory when shipping from China and shall be delivered (along with the Commercial invoice and the Packing list) to the importer within 2 weeks from the shipment date. Commercial Invoice Packing List It is a document specifies the order value, types of products, and the details of the consignee. This document is used by the forwarder or customs broker for customs clearance and calculation of import duties and other taxes (i.e., Value added tax). This is also mandatory and shall be delivered together with the Bill of lading. It is a document which specifies the volume, different types of products and quantity per type of product. The Packing List is mandatory and should be delivered together with the Bill of Lading. Certificate of Origin A document specifies the origin of the material or the imported products. This document is used to determine the import duty rate, but also for statistics and enforcement of embargoes Customs and Taxes When Import Cosmetics from China Importing from China involves various taxes. The applied taxes are calculated, vary depending on which country the products are imported to. Customs duty is a variant of Indirect Tax which is applicable on all imported goods and a few goods exported out of the country. Duties levied on import of goods are termed as import duty. Many countries levy customs duties on import/export of goods as a means to raise revenue and/or shield domestic institutions from predatory or efficient competitors from other countries. Customs duty is levied as per the value of goods, weight, and other such criteria according to the goods. 24