What is Harmonised system of classification?
The Harmonized System is a standardized numerical method of classifying traded products. It is used by customs authorities around the world to identify products when assessing duties and taxes and for gathering statistics.
What is commodity classification system?
Back to Publication Catalog. The Philippine Standard Commodity Classification (PSCC) is a detailed classification of all imported and exported commodities being used for tariff and statistical purposes.
Is Harmonised code same as commodity code?
Harmonized codes may be referred to in more than one way, depending on where the shipment is going and who is responsible for it – for example, they’re also known as HC, HTS, commodity code or tariff, depending on the country. Finding the correct commodity code is crucial for importers and exporters all over the world.
How many chapters does the Harmonised commodity system contain?
The HS provides a logical structure in which over 1,200 headings are grouped in 96 Chapters, some of which are further divided into sub-Chapters. The Chapters are arranged in 21 Sections.
How many chapters consist HS?
Structure of the Harmonised System (HS) The HS comprises 21 Sections covering 97 Chapters. It consists of: Section and Chapter Notes, including subheading notes. A list of headings arranged in systematic order, divided into subheadings, where appropriate.
Which institution issues the Harmonised system HS nomenclature?
Notes: World Customs Organization (WCO) has been issuing the Harmonised system of Nomenclature (HSN) codes, to classify and regulate global trade since 1988.
What are the reasons for having a Harmonized System in international trade?
The HS contributes to the harmonization of Customs and trade procedures, and the non-documentary trade data interchange in connection with such procedures, thus reducing the costs related to international trade.
What is the harmonised Commodity Description and coding system?
The Harmonised Commodity Description and Coding System, or simply the HS, is an international nomenclature (at 6-digit level) developed by the World Customs Organisation (WCO) for the classification of goods. The HS comprises 21 Sections covering 97 Chapters. It consists of:
What are harmonized system codes?
Among industry classification systems , Harmonized System (HS) Codes are commonly used throughout the export process for goods. The Harmonized System is a standardized numerical method of classifying traded products. It is used by customs authorities around the world to identify products when assessing duties and taxes and for gathering statistics.
What is the Harmonised System (HS)?
What is the Harmonised System (HS)? The Harmonised Commodity Description and Coding System, or simply the HS, is an international nomenclature (at 6-digit level) developed by the World Customs Organisation (WCO) for the classification of goods. The HS comprises 21 Sections covering 97 Chapters.
What is the HS code for goods?
The Harmonised Commodity Description and Coding System, or simply the HS, is an international nomenclature (at 6-digit level) developed by the World Customs Organisation (WCO) for the classification of goods. The HS comprises 21 Sections covering 97 Chapters.