HS Codes & Tarrifs
GEO Commerce offers an up-to-date HS code list to our clients to ensure that they have precise data on the customs tariff and commodity codes of the goods that they trade.
This information is critical because it assists businesses in determining the customs tariffs, taxes, and duties that will apply to their products when they are imported or exported.
Here are some key points to remember
- HS Codes (Harmonized System Codes) are a standardized system of names and numbers used in international trade to classify goods.
- Each HS Code corresponds to a specific product or category of products, and customs officials use it to calculate the applicable duties and taxes.
- Tariffs, on the other hand, are taxes on imported goods. The amount of duty charged is determined by the HS Code, the country of origin, and the value of the imported goods.
- Recognizing the HS Codes and Tariffs is critical for international trade businesses, as noncompliance can result in delays, fines, and even the seizure of goods.