*The Commerce Journal>>>Singapore Taxes

Why the VAT value added tax is calculated based on the CIF value?

Because the total value of the goods includes what you payed for plus insurance and freight.

You buy a container of wood from Canada and have it shipped to Florida, unless the person you bought it from paid for the insurance and shipping which is highly unlikely, then your Incoterm is CIF.

Container of wood=1000 USD + shipping 200 usd + insurance 50 usd = CIF value of 1250 usd and vat is applied to 1250 (amount paid)

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