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The Harmonized Commodity Description and Coding System, also known as the Harmonized System ( HS) of tariff nomenclature is an internationally standardized system of names and numbers to classify traded products. It came into effect in 1988 and has since been developed and maintained by the World Customs Organization (WCO) (formerly the Customs ...
The Harmonized Tariff Schedule classifies a good based on its name, use, and/or the material used in its construction and assigns it a ten-digit classification code number, and there are over 17,000 unique classification code numbers. Although the U.S. International Trade Commission publishes and maintains the Schedule in its various forms, U.S ...
There are 6 General Rules in all, which must be applied in consecutive order. GRI 1 prescribes how to classify products at the 4-digit Heading level, based on the wording of the headings and the relative HS Section and Chapter Notes. GRI 2 prescribes how to classify both incomplete and unassembled goods, and mixtures and combinations of goods.
This code was developed by the World Customs Organization based in Brussels. A 'Harmonized System' code may be from four to ten digits. For example, 17.03 is the HS code for molasses from the extraction or refining of sugar. However, within 17.03, the number 17.03.90 stands for "Molasses (Excluding Cane Molasses)".
Standard International Trade Classification ( SITC) is a classification of goods used to classify the exports and imports of a country to enable comparing different countries and years. The classification system is maintained by the United Nations. The SITC classification, is currently at revision four, which was promulgated in 2006.
It is closely related to the Harmonized Tariff Schedule of the United States. These categories are based on the international Harmonized System, the global system of nomenclature that is used to describe most world trade in goods, maintained by the World Customs Organization (WCO). [2]
The United States imposes tariffs (customs duties) on imports of goods. The duty is levied at the time of import and is paid by the importer of record. Customs duties vary by country of origin and product. Goods from many countries are exempt from duty under various trade agreements. Certain types of goods are exempt from duty regardless of source.
Headquarters building. The World Customs Organization (WCO) is an intergovernmental organization headquartered in Brussels, Belgium.The WCO works on customs-related matters including the development of international conventions, instruments, and tools on topics such as commodity classification, valuation, rules of origin, collection of customs revenue, supply chain security, international ...