What does the Harmonized System Explanatory Notes contain?
The Explanatory Notes provide a commentary on the scope of each heading, giving a list of the main products included and excluded, together with technical descriptions of the goods concerned (their appearance, properties, method of production and uses) and practical guidance for their identification..
How do I find the harmonized code?
To determine what the HS Code for your product is in another country, you can use a lookup tool in a foreign tariff database, such as the Customs Info Database.
Where can I find the explanatory notes?
The Explanatory Notes are available by subscription on www.wcotradetools.org. It can also be purchased via the WCO Online Bookshop.
What is the Harmonized System of classification?
The Harmonized System is an international nomenclature for the classification of products. It allows participating countries to classify traded goods on a common basis for customs purposes. At the international level, the Harmonized System (HS) for classifying goods is a six-digit code system.
Why is the Harmonized System important?
Yet, the harmonized system helps in reducing the costs related to international trade as well. Nowadays all customs officers must use HS codes to clear every commodity that enters or crosses any international border.
What is the meaning of HS code in shipping?
Harmonized System
The “Harmonized System (HS)” was created and is administered by the Brussels-based World Customs Organization (WCO). It consists of numerical codes that allow the systematic definition and classification of all goods in international trade, within the tariffs of signatory countries.
What is harmonization number?
A Harmonization Number is a specific designation that the international mailing system assigns to products, so they can keep records of the types of items being imported into foreign countries.
What is a Harmonised code?
A harmonized code is part of an internationally standardized system of names and numbers for classifying traded products – these codes are developed and maintained by the World Customs Organizations (WCO). This system allows all countries to be on the same page when classifying products before export and import.
What is explanatory notes in accounting?
Explanatory notes – a financial statement explaining amounts disclosed in other financial statements and disclosing additional material information that is not presented in such other financial statements.
What are explanatory notes in a dictionary?
Explanatory statements or theories are intended to make people understand something by describing it or giving the reasons for it. [formal] These statements are accompanied by a series of explanatory notes.
What is the main objective of Harmonized System?
The Harmonized System Convention entered into force on 1 January 1988. The objectives of the HS Convention are, by harmonizing the description, classification and coding of goods in international trade, to facilitate international trade and the collection, comparison and analysis of statistics.
How is the Harmonized System applied?
How does the Harmonized System for classifying merchandise work? The Harmonized System product nomenclature is an international catalog that assigns a six-digit code to each commodity group. Countries have the authority of adding more digits to specify the product even further.
What is the goal of globally harmonized system?
The United States participated in development of the GHS and U.S. regulatory agencies are adopting the system. The goal of the new system is to improve worker safety and health by providing easy to understand chemical hazard and precaution information on labels, in Safety Data Sheets, and during safety training.
What is Harmonised code?
HS Codes are defined as Harmonised Systems Codes and are the standardised numerical description and coding system developed by the World Customs Organization (WCO). The codes are designed to help identify and classify internationally traded goods for import and export.
What is HS code example?
The first two digits designate the HS Chapter. The second two digits designate the HS heading. The third two digits designate the HS subheading. HS code 1006.30, for example indicates Chapter 10 (Cereals), Heading 06 (Rice), and Subheading 30 (Semi-milled or wholly milled rice, whether or not polished or glazed).
Who is responsible for HS code?
The World Customs Organization (WCO)
The World Customs Organization (WCO) maintains the Harmonized Tariff Description and Coding Schedule (HTS). Over 170 countries participate in WCO’s HTS system.
Do I need a harmonized code?
HTS codes are used to import products, while export codes, also known as Schedule B codes are used to export products. Schedule B codes determine tariff classification and are required when filling out trade documents to export goods out of the United States.
What are the explanatory notes of the Harmonized System?
Explanatory Notes. The Explanatory Notes (5 volumes in English and French) do not form an integral part of the Harmonized System Convention. However, as approved by the WCO Council, they constitute the official interpretation of the Harmonized System at the international level and are an indispensable complement to the System.
What are the explanatory notes of the HS?
As commentaries finalized by the Harmonized System Committee and adopted by the WCO Council, the Explanatory Notes constitute the official interpretation of the HS at international level.
What is the purpose of the explanatory notes?
The Explanatory Notes provide a commentary on the scope of each heading, giving a list of the main products included and excluded, together with technical descriptions of the goods concerned (their appearance, properties, method of production and uses) and practical guidance for their identification..
Where can I purchase Harmonized System publications?
You can purchase Harmonized System publications at the WCO Online bookshop. The Harmonized System provides a logical structure within which over 1,200 headings are grouped in 96 Chapters, the latter being themselves arranged in 21 Sections.
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