Tuesday, August 3

Day: January 3, 2021

How Hs Codes Have Defined International Trade
Business

How Hs Codes Have Defined International Trade

HS Codes have defined international trade since 1988, yet only a small group of logisticians around the world know how to apply them correctly. In most countries, importers are required to determine the correct HS codes for their products on their own. Erroneous declarations of HS codes can result in importers paying the wrong amounts of duties and taxes, which in turn can lead to penalties and fines. When coupled with the fact that the large majority of importers have no clue of how to go about classifying their products correctly, this leads to a challenging problem for authorities and traders alike. HS codes are determined using the 6 rules of classification published by the WCO (World Customs Organization). These rules are more than just guidelines or recommendations, instead they ...