Importance tariff classification
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The document discusses the importance of correctly classifying imported and exported goods using an international classification system. Correct classification is necessary for determining customs duties, ensuring accurate customs declarations and trade statistics, applying taxes and duties uniformly, obtaining proper licenses and permits, and monitoring controlled goods. Incorrect classification can result in delays, seizure of goods, payment of incorrect duties, penalties, and flawed baseline trade data.
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Importance tariff classification
- 1. • For determining customs duties such as: Most Favoured Nation (MFN) rate of duty for all countries; and/or Free Trade Agreement (FTA) / preferential rate of duty for goods from bilateral and multilateral trading partners
- 2. • For correct customs declaration; • For trade statistics compilation; • Uniform language/code in: trade negotiations; determination of origin of goods,
- 3. • Proper code for the application of excise tax, anti-dumping duty, safeguard duty and countervailing duty
- 4. • For correct licenses, permits, and other documentation required by the government agencies; and • For monitoring of controlled goods Incorrect classification can lead to delays in clearing or seizure of goods, incorrect payment of duty, possible penalties and incorrect base line data.