CIF price of imported equipment = price+international freight+international transportation insurance premium+bank financial expenses.
+import agency fee+customs duty+value-added tax+consumption tax
1) price
This is FOB.
2) International freight
International freight is the freight from China loading port (station) to arrival port (station). The formula for calculating the international freight of imported equipment is:
International freight (land, sea and air) = original currency price (FOB price) × freight rate
International freight (land, sea and air) = volume × unit freight rate
The freight rate or unit freight rate in the formula shall refer to the provisions of relevant departments or import and export companies.
3) International transportation insurance premium
Foreign trade cargo transportation insurance is an insurance contract concluded between the insurer (insurance company) and the insured (exporter or importer). After the insured pays the agreed premium, the insurer will make economic compensation for the losses within the scope of insurance responsibility during the transportation according to the provisions of the insurance contract. This is a kind of property insurance.
The calculation formula of transportation insurance premium is:
Transportation insurance premium = (original currency price (FOB price)+foreign freight) /( 1- insurance rate) × insurance rate.
= CIF × insurance premium rate
In the formula, the insurance rate is calculated according to the insurance rate of imported goods stipulated by the insurance company.
Sometimes, after the equipment is lost or damaged, the insured can't get the compensation from the insurer for all kinds of operating expenses and expected profits that could have been obtained. Therefore, the insurance laws and international trade practices of various countries generally stipulate that the insurance amount of import and export goods transportation insurance can be appropriately increased on the basis of CIF. When the insured or the insured and the insurer agree on the insurance amount, they can agree on different insurance rates according to the differences in import prices of different equipment and different regions, as well as different operating expenses and expected profit levels. In general, the insurance premium rate cannot exceed 30%. If CIF insurance is adopted, there are:
Transportation insurance premium = CIF ×( 1+ insurance rate )× insurance rate.
4) Bank financial expenses
The bank finance fee, that is, the fee of the issuing bank agreed by the owner or import agent and the seller in the contract, can be simplified as the following formula:
Bank financial expenses = (goods price+foreign exchange payment of goods price) × bank financial interest rate
In the formula, the price of goods and the currency paid in foreign exchange other than the price of goods shall be calculated in RMB.
5) Import agency fee
Import agency fee is a kind of fee charged by foreign trade enterprises to domestic import enterprises (units) when they import goods as agents. It is due to the compensation for the related expenses incurred by foreign trade enterprises in operating import agency business, including certain profits.
The calculation formula of import agency fee is as follows:
Agency fee = CIF (foreign currency) × foreign exchange quotation on the day of payment × handling fee rate
In the formula, the CIF price can be calculated by the sum of FOB price, international freight and transportation insurance. The handling fee rate of import agent shall be calculated in different stages according to the foreign contract amount.
6) tariffs
Customs duty is a kind of tax levied by the customs on inbound and outbound goods, articles or customs, which belongs to turnover tax. The calculation formula is as follows:
Tariff = dutiable price × tariff rate
In the formula, the duty-paid price of imported equipment refers to the normal CIF price of equipment arriving at Chinese ports, including FOB, international freight and international transportation insurance.
7) VAT
Value-added tax (VAT) is a kind of tax levied by China government on the units and individuals engaged in import trade after the imported goods are declared for import. According to China's value-added tax regulations, the taxable amount of imported taxable products is calculated directly according to the composition of taxable value and the value-added tax rate, without deducting the amount of any item or the tax paid. Namely:
Value-added tax on imported products = component taxable value × value-added tax rate.
Composition taxable value = duty paid price+customs duty+consumption tax.
The value-added tax rate is calculated according to the prescribed tax rate. At present, the applicable VAT rate for imported equipment is 17%.
8) Consumption tax
According to the provisions of the tax law, consumption tax should be levied on imported cars, motorcycles and other equipment, and the calculation formula is as follows:
Consumption tax payable = (CIF+customs duty) /( 1- consumption tax rate) × consumption tax rate.
The consumption tax rate is calculated according to the tax rate stipulated in the tax law.