Doesn’t it seem like we just went through this? Well, actually that was back in January 2007! Yes, it is time for the 5-year changes to the Harmonized Tariff Codes.
The WCO has published a paper describing (at the 6 digit levels) the changes that are being implemented and each WCO member state will make changes to their tariffs accordingly. As you may remember from the last go around, depending on what you are shipping, this may have a minimal impact to your parts database or a radical one. There seems to be a lot of changes in Chapter 3 (Fish) and 29 (Chemicals) and then a smattering of other changes throughout the tariff. It definitely doesn’t seem to be as huge in apparel and other retail areas as the last time but more focus on foodstuffs.
If you do have to make changes to your classifications on a grand(ish) scale, make sure all your service providers or systems get these updates to ensure you maintain the highest levels of Customs Compliance.
Since this is only a year or so away, it would be best to do an analysis to make sure you don’t have to go through such a review/reclassification exercise. You don’t want to go down to the wire and find that you not only have to reclassify your goods but then you have to distribute to all your providers to ensure you don’t put yourself into an error and thus penalty situation.
Strong & Herd LLP Blog - Import / Export Services
Shipping office services, helpline, consultancy and supply chain security
A Harmonized system code is the numerical code, which can be utilized to portray an item which is being dispatched starting with one nation then onto the next. It is fundamentally a novel id doled out to a specific ware or item.
ReplyDeletevisit here and find Latest Hs code list :- http://www.seair.co.in/hs-classification.aspx