Some issues in “classification” of goods include the following:
- Tariff classification of goods is an important and often neglected element of export
- Duty rates in many countries are still high and import duties form a significant part of state revenues
- Many goods may still be subject to classification interpretation, particularly involving new technologies
- Tariff classification particularly relevant in countries that also levy some form of duties on certain exported goods (e.g. China)
- Discrepancy between the tariff code used by the exporter & the code used by the importer often triggers investigation resulting in a higher duty bill
- Exporters must develop global tariff classification policies
- Classification in the Combined Nomenclature determines EU tariff
- Possible to obtain EU-wide binding rulings on classification (Binding Tariff Information)
For further information please contact us.