Overcoming cross-border challenges: Are HS codes your business’ weak spot?
If you are an importer, exporter or involved in cross-border transactions, find out how to use the right HS codes to pay the correct duties and taxes.
Overcoming cross-border challenges: Are HS codes your business’ weak spot?
If you are an importer, exporter or involved in cross-border transactions, find out how to use the right HS codes to pay the correct duties and taxes.
The Harmonised System is organised into 21 sections, 96 chapters, and 5,000 headings covering millions of internationally traded finished articles and components - each identified with an HS code.
If you are an importer, exporter or involved in cross-border transactions, you will need to use the right HS codes for your products to pay the correct duties and taxes.
This guide covers:
The new Harmonised System for 2022
Update your HS codes now
Amended HS nomenclature came into force on 1 January 2022. In the latest update, approximately 870 codes were removed, and 940 were added.
Now is a good time to pay closer attention to your HS codes. More often than not, there are savings to be made.
“It might not have been something companies bothered about before, but now they need to know the commodity code to put on the customs paperwork and apply the necessary duties”
Source: World Customs Organisation
Applying HS codes
Accurately assign a tariff code
The Harmonised System is organised into 21 sections, 96 chapters, and 5,000 headings covering millions of internationally traded finished articles and components — each identified with an HS code.
In order to accurately assign a tariff code using HS code rules (i.e. classification), businesses must know specific product information, including what a product is, what it does, and what it’s made of.
Why are HS codes important?
Supercharge international growth
Applying the wrong codes is a problem many businesses don’t even know they have. Using the wrong HS codes could mean:
- Bad reviews from disappointed customers
- Your products are delayed going through customs or even held indefinitely
- Failing to keep up with competitors who offer a better customer experience
- Paying too much in customs duties
- Being subject to fines and penalties
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