How many articles are there in the HS Convention?
20 Articles
The HS Convention comprises a Preamble, 20 Articles and an Annex.
What is the difference between the HS nomenclature and the AHTN in terms of coding system used?
The HS is the universal economic language and code for goods authored by the World Customs Organization (WCO). It is a six-digit Code common among all WCO member countries. The ASEAN Harmonized Tariff Nomenclature (AHTN) is an eight-digit HS-based commodity nomenclature common among the 10 ASEAN Member States.
What are the different working bodies in the WCO?
POLICY COMMISSION.
What is the composition of the Harmonized System?
The Harmonized System is a structured nomenclature comprising a series of 4-digit headings, most of which are further subdivided into 5- and 6-digit subheadings.
What is the revised Kyoto Convention?
The revised Kyoto Convention promotes trade facilitation and effective controls through its legal provisions that detail the application of simple yet efficient procedures. The revised Convention also contains new and obligatory rules for its application which all Contracting Parties must accept without reservation.
What is an HS code for customs?
What are HS codes? HS (Harmonized Commodity Description and Coding System) codes are product classification codes used by U.S. Customs and all other members of the World Customs Organization (WCO) to classify goods for customs purposes.
What is the purpose of HS code?
Why are they important? An HS code consists of at least six digits and is used by customs to classify the product being shipped. That way it can accurately calculate taxes and duties and apply any necessary restrictions.
What are the six general interpretative rules?
General Interpretative Rules (GIR)
- Rule 1. Most goods are classifiable under the Rule 1.
- Rule 2, points (a) and (b)
- Rule 3, points (a), (b) and (c)
- Rule 4.
- Rule 5, points (a) and (b)
- Rule 6.
- Source.
What is the difference between WCO and WTO?
One difference between the two is their membership, comprising of government representatives of the world’s nations. The WTO is located in Geneva, Switzerland and has 161 member countries while the WCO is located in Brussels, Belgium and has 180 member countries. The WTO was established in 1995.
How many member countries are there in the World Customs Organization?
WCO 184 Members, three-quarters of which are developing countries, are responsible for managing more than 98% of world trade. They are divided into six regions (see list of regional websites at the end of this page).
What is HS code classification?
The Harmonised System (HS) Classification, also called the HS Nomenclature, is the World Customs Organization’s Harmonized Commodity Description and Coding System. It is an international customs classification system which allocates a unique 6-digit HS code to each group of products.
What are the classifications of customs duty?
Basic duty; 2. Additional Customs duty; 3. True Countervailing duty or additional duty of customs; 4. Anti dumping duty/Safeguard duty.
Why is the Kyoto Convention important?
The revised Kyoto Convention is the tool to assist the development of global Customs procedures. Once implemented widely, it will provide international commerce with the predictability and efficiency that modern trade requires. The revision process has incorporated important modern concepts.
What are the three parts of revised Kyoto Convention?
The RKC has three (3) parts: the General Annex, Specific Annexes and the Body of the Agreement.
What is HS code example?
The first two digits designate the HS Chapter. The second two digits designate the HS heading. The third two digits designate the HS subheading. HS code 1006.30, for example indicates Chapter 10 (Cereals), Heading 06 (Rice), and Subheading 30 (Semi-milled or wholly milled rice, whether or not polished or glazed).
How many digits are HS codes?
six digits
The United States uses a 10-digit code to classify products for export, known as a Schedule B number, with the first six digits being the HS number. There is a Schedule B number for every physical product, from paper clips to airplanes.
Who is responsible for HS code?
The HS was developed and is maintained by the World Customs Organization (WCO), an independent intergovernmental organization with over 179 members and is based in Brussels, Belgium. The HS is the standard coding structure and related product descriptions used in international trade.
What is Rule 5 classification all about?
Explanation: Rule 5 (b) deals with other types of containers and packing materials. These should be classified with the goods they contain if they are of a kind normally used for packing such goods and are not suitable for repetitive use.
What is a product HS Code?
HS code is short for Harmonized Commodity Description and Coding System. It’s a list of numbers used by customs to classify a product.
What do you mean by GATT?
The General Agreement on Tariffs and Trade
The General Agreement on Tariffs and Trade (GATT) covers international trade in goods. The workings of the GATT agreement are the responsibility of the Council for Trade in Goods (Goods Council) which is made up of representatives from all WTO member countries.
What are the objectives of World Customs Organization?
The World Customs Organization develops international standards, fosters cooperation and builds capacity to facilitate legitimate trade, to secure a fair revenue collection and to protect society, providing leadership, guidance and support to Customs administrations.
What is CIF value in import?
Cost, Insurance, and Freight Import Value (C.I.F.) – This value represents the landed value of the merchandise at the first port of arrival in the importing country. It is computed by adding “Import Charges” to the “Customs Value” and therefore excludes import duties.
What is the HS code for customs?
Harmonized Commodity Description and Coding System
What are HS codes? HS (Harmonized Commodity Description and Coding System) codes are product classification codes used by U.S. Customs and all other members of the World Customs Organization (WCO) to classify goods for customs purposes.
What is the difference between custom duty and excise duty?
Difference between Excise Duty and Custom Duty
While excise duty is levied on goods produced or manufactured within the country, custom duty applies to the goods that are sold in India but were produced in a different country. Excise duty is to be paid by the manufacturer of the goods and not by the consumer.
What is customs and excise duty?
An excise or excise tax (sometimes called an excise duty) is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country). It is a tax on the production or sale of a good. This tax is now known as the Central Value Added Tax (CENVAT).