Harmonized Tariff System codes are tools that are used all over the world. This code has been maintained by the World Customs Organization (WCO) where more than 200 countries participate in this WCO hts system. The first 6 digits of this code are believed to identify all products in the international trade which on the Hand are similar for all the countries. The last 2 digits are not the same but each country has specific digits. For instance, in the USA, last 4digits will show duty rate, as well as the balance of the trade statistics for the goods, imported reporting suffix.
Importers have the responsibility of establishing the right hts system classifications that are used in the import entries. Accurate information needs to be established on the products and then forwarded to CBP without relying on the information from the third parties who will provide hts classifications while representing your business. The importer should give the correct and enough information on the goods imported in order to allow customs experts to determine classifications that are proper for the goods imported. Get more info here!
Using the wrong hts code may put you into a burden of paying more cash than expected when importing goods. This HTS code is basically a classification system to sequentially identify items and also a tariff system on the goods that are imported. So you should be very careful when using hts code because using a wrong one will lead you to pay more or paying less to the duties involved when importing products. When you carelessly fail to use the correct hts code, CBP can offer penalties to you for providing wrong information which in return will affect the revenue collection by the CBP. Check this website to know more!
When you find out that you have been using the wrong hts code, you can correct the mistake before it is too late to avoid losing money when paying costly fines. Filing a post-entry amendment is allowed for individuals who learn at a later date that has been using the wrong code in order to start paying additional duties owed or be refunded for extra payments they have been making. For liquidated entries, you can file an administrative protest. For more facts and information about harmonized system code, visit http://financial-dictionary.thefreedictionary.com/Harmonized+Tariff+Schedule.
Hts codes are very flexible and they have been updated due to advancing technology and new product innovations. States are also evaluating new sources of revenue and also trying to balance trading with other states. For example, in the USA hts is created and after some time reaches expiry date to allow for updates.