Each item is then assigned a classification number, part of which is determined by the World Customs Organization (WCO). The WCO is the international trade organization that manages and updates the HS. All participating countries use the same base HS number, so their individual tariff schedules ...
Tariff Code is an internationally recognized numerical system created by the World Customs Organization (WCO) with the purpose to facilitate international trade by easing the task of identifying and categorizing traded goods. These numbers exist for every product involved in global commerce...
As seen in the image above, the HTS code for this particular product is simply ‘0000’. This means that there is 0% in customs duty to pay as an importer, regardless of the product’s country of origin. But there is a 20% value-added tax (VAT) to pay, again, regardless of the...
HS codes are administered by the World Customs Organization. HS codes are recognized in 98% of world trade. There are six digits in an HS code. You use an HS code because it is a universal classification tool. Many governments add additional digits to the HS number to further distinguish ...
1. HTS is the abbreviation of Harmonized Tariff Schedule. HTS was established on the basis of HS. It was a World Customs Organization in January 1989. Total items customs coding. 2. HS adopts 6 -bit encoding, divided all international trade goods into 22 categories, HTS goods coded digits ...
What is an HS code? Harmonized System (HS) codes are a unique identifier to classify the exact type of goods you are shipping. HS codes were created by the World Customs Organization, and are internationally recognized in almost every country. As customs and government bodies now have a commo...
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What is HS Code and HTS Code? HS and HTS Codes are widely used in the world of international trading. HS Code stands for Harmonized System Code and HTS Code stands for Harmonized Tariff Schedule Code. HTS and HS Codes were both developed by the World Customs Organization (WCO) and are us...