What is Tariff Classification?
Tariff Classification Assignment of imported/exported goods to the appropriate tariff code, as per the Harmonized System (HS) or local customs nomenclature, to determine applicable duties and taxes.
Source: Incoterms 2020 (ICC), FIATA, IATA DGR, WCO
How is “Tariff Classification” Used in Practice?
Accurate tariff classification of goods is mandatory for customs declaration and duty calculation in international trade.
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Who Needs to Know This Term?
- Freight Forwarders
- Supply Chain Managers
- Customs Brokers
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What is Tariff Classification?
Assignment of imported/exported goods to the appropriate tariff code, as per the Harmonized System (HS) or local customs nomenclature, to determine applicable duties and taxes.
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