Important Things to Learn Regarding HTS Codes for Businesses on the Global Platform
In order to provide goods that are traded within the international platform with a brief description that would characterize what they are in a single glimpse, the WCO or the World Customs Organization has assigned to them their corresponding Harmonized Tariff System or HTS Code. In order to make sure that international trading or transport of goods and items are done successfully, you should guarantee that the HTS Code you’ll put on your items will meet the Tariff System of your target country. If you are engaged on a business that’s preparing to go to the international platform, knowing more about HTS code will definitely be a great boon for you and there’s no doubt that the details below would be very helpful in your endeavor.
As mentioned, the HTS Codes are tools used globally or throughout the globe and in fact, it is widely known in 170 to 200 countries or more. What makes HTS Codes an effective system, is the fact that the 7-10 digits composing it stands for something in every country. For each country the 6 digits always has the responsibility of describing what the item is all about, while the last digits are something unique in each country.
You should also understand that the responsibility of giving your items with an HTS Classification, falls into your hands and it is important that you’re accurate in doing so. Accuracy is extremely important because failing to do so would incur losses and charges to your company, which is why some also prefers doing HTS codes themselves rather than hiring third party companies to do the job for them. If you do opt for the third party expert’s help, what you need to make sure is that you’ll provide the most accurate information about your items to boost their accuracy even more.
Aside from classification of the goods or items, there’s a meaning behind why HTS Code is referred to as a Tariff system, and that’s because the codes are also a way to assign the costs to be paid for each item that’s imported and exported. There’s a chance than in the process of providing wrong code to the items, you’ll either be paying too low or too high of an amount but what will really get your bankroll damaged, are the penalties for providing wrong HTS codes.
Fortunately though, accidentally getting HTS Codes for your items isn’t really a lost cause because if you notice it earlier, you could still do something to fix it. There’s the Post-Entry Amendment which you can file, which would allow you to refund your transaction and start it all over again.