Document background
The International Commercial Invoice is a fundamental document in international trade transactions involving Philippine entities. It is required under Philippine customs law, particularly the Customs Modernization and Tariff Act, and must comply with both local and international trade regulations. This document serves multiple purposes: it acts as proof of sale, supports customs declaration processes, facilitates payment transactions, and helps determine applicable duties and taxes. The invoice must include comprehensive details about the seller, buyer, goods description, quantities, prices, delivery terms, and payment conditions. It's particularly crucial for Philippine businesses engaged in import/export activities as it forms the basis for customs valuation and is often required by banks for processing international payments.
