13. October 2017
Tariff Classification is the process of determining the correct tariff code for imported and exported goods. Classification of goods is relevant from a customs point of view. It has an impact on customs duties, excise duties, import VAT, origin management, preferential duties and import and export restrictions. For this reason, the importance of correct classification cannot be underestimated. However, companies often neglect the classification, which might result in significant costs, e.g. wrong amount of duty being paid or improper use of free trade agreements. The classification of goods is not always unambiguous which can also provide possibilities for savings by using competing tariff codes.
Category: Customs Tariff