Items that are traded internationally are defined and characterized by the World Customs Organization, through the HTS Code or the Harmonized Tariff System. Whether it be a case of importing or exporting goods or items, the one responsible for it, should be able to assign the HTS Code that rightfully fits an item or Goods, based on the country’s HTS Code. If you are engaged on a business that’s preparing to go to the international platform, knowing more about HTS code will definitely be a great boon for you and there’s no doubt that the details below would be very helpful in your endeavor.
Over 200 countries across the globe are engaging on international trade and majority of these countries are already using HTS Codes as a global tool for foreign trades and transactions. As a system, each number in the HTS Code stands for something and it come with 7 to 10 digits. For each country the 6 digits always has the responsibility of describing what the item is all about, while the last digits are something unique in each country.
Accurately and Precisely providing HTS Classification for Items that you’ll import or export, is one of the trickiest and biggest responsibility you’ll have as a businessman. There’s also the option however, to allow third party companies to do the job for you and let them assign HTS Codes to your items but, many are against this kind of option since only you, as the importer, would undeniably know what your items exactly are and what category it belongs to. If you do opt for the third party expert’s help, what you need to make sure is that you’ll provide the most accurate information about your items to boost their accuracy even more.
You also have to bear in mind that aside from being a system made to classify goods and items traded internationally, the HTS Code is also a Tariff System as its name suggests, which means that each code or item corresponds to specific amount of payments. There’s a chance than in the process of providing wrong code to the items, you’ll either be paying too low or too high of an amount but what will really get your bankroll damaged, are the penalties for providing wrong HTS codes.
You don’t have to be too worried at first though, because you can still fix the problem at hand as long as you move quick in fixing it. You have the option to file the Post-Entry Amendment, which will allow you to request from the establishment, a refund for the transaction.