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Harmonized Codes – Get to Know About This New Language of Trade

By Roderikbert Subscribe to RSS | August 7th 2012 | Views:
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Millions of trade transactions take place each year and these transactions are classified under different product categories. Every exported item is assigned with a 10-digit identification convention that is called as Harmonized Code or simply HS code. They are used for the purpose of classifying the traded products from one nation to another. This type of digital symbols is being used for this purpose in more than 200 nations in the world.

There is a list called as harmonized code list, which is nothing but the collection of digits classified under different sections like agricultural, bakers, caffeine, dairy, ethylene, firearms, etc… The code is assigned to a product based on its description and once it has been assigned to a product, the product will be known by its digits that has all information like the name of the importer, its description, country of origin, unit rate, quantity, etc… Generally, the code will be of different digits, which differs from one nation to another and they play a major role in the imports and exports of a nation.

The Harmonized Commodity Description and Coding System defines the Harmonize Tariff Code, which is the worldwide standard used for reporting goods to government agencies and customs. It is important for importers and exporters to perform an HS Code search for defining and classifying a shipment in such a way that their products should legitimately cross through the customs formalities. It is applicable to each and every product crossing the international borders. They are used for calculating and assessing the taxes and duties, identifying the EXIM appropriateness, conducting risk assessment, etc…

Harmonize Tariff Code can be defined as a new trade language that denotes the content of the trade in brief. Nowadays, they are turning out to be highly essential for exporter and importers. They are capable of identifying the consistency of import and export, rate of duty and other information pertaining to different products. Since a wide range of products are introduced every day, their importance is highly felt these days.

Since harmonized codes are getting popular these days, there are websites meant for offering list from where exporters and importers can easily find the digits meant for their products right at the comfort of their home before they actually begin with the process of exporting or importing a product.

As mentioned earlier, for hassle-free passing of goods in customs, these codes are highly essential.

The content has been taken from http://www.ideamarketers.com/?articleid=3445408&CFID=214052593&CFTOKEN=26914488

Roderikbert - About Author:
We maintain commodity codes data and tax treaty data. If you plan to import or export goods visit us online and learn about the products, tariff and duty rates. For more details about harmonize tariff code and harmonized tariff, please visit us online.

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