Do you know what US Harmonized Tariff system is all about?
You may have heard people talking about global trade, import & export of goods, custom duties & many other related facts. But along with that there is an underlying system of codes taken in use for classification. It is known as US harmonized tariff system & is a complex set of codes that only trade related experts can work with. However, there are facts that you can know about this system easily as well to get the required knowledge if you are about to make a research upon the same topic ahead. So, for your need & convenience, here’s it:
It is a system of global consideration & utility & is maintained by World Custom Organization. Over 160 countries is enrolled to make use of this system. All these countries will make use of the digits in this code to get recognized as a commodity of global trade. However, not all digits are used by all the countries. For instance, there are different digits in the harmonized tariff schedule in the United States which determines countries in the US which are involved in global trade of a specific kind & to determine general codes (the first six digits) for the countries involved in participating in the system.
US harmonized tariff is not a fixed set of codes as changes has to be made to add new technology & products. The authorities have to look for sources of revenue that are increasing in number to accommodate that in the list of trade commodities. The codes created in the US are set with the dates of expiry so that changes can be made at regular period of time. Thus it has to be ensured that the codes taken in use for global trade have to be assessed carefully before their use to avoid penalties.
It is possible that wrong codes from the harmonized tariff schedule for the United States & because of which global trade is penalized to a well off extent. Because of these incorrect set of codes used, the paid duties may be less than or more than the apt duty rate. To avoid correcting such mistakes, you need to file a Post Entry Amendment.
It is a system of global consideration & utility & is maintained by World Custom Organization. Over 160 countries is enrolled to make use of this system. All these countries will make use of the digits in this code to get recognized as a commodity of global trade. However, not all digits are used by all the countries. For instance, there are different digits in the harmonized tariff schedule in the United States which determines countries in the US which are involved in global trade of a specific kind & to determine general codes (the first six digits) for the countries involved in participating in the system.
US harmonized tariff is not a fixed set of codes as changes has to be made to add new technology & products. The authorities have to look for sources of revenue that are increasing in number to accommodate that in the list of trade commodities. The codes created in the US are set with the dates of expiry so that changes can be made at regular period of time. Thus it has to be ensured that the codes taken in use for global trade have to be assessed carefully before their use to avoid penalties.
It is possible that wrong codes from the harmonized tariff schedule for the United States & because of which global trade is penalized to a well off extent. Because of these incorrect set of codes used, the paid duties may be less than or more than the apt duty rate. To avoid correcting such mistakes, you need to file a Post Entry Amendment.
Comments
Post a Comment