Understanding Commodity Codes

Description

Course Overview:

What are Commodity Codes and why are they so important in International Trade?

They are based on an international classification system, developed by the World Customs Organisation, to help with the identification and treatment of goods as they are imported and exported around the globe.

The World Customs Organisation HS Nomenclature is revised every five years and forms the basics of the UK Trade Tariff and our commodity coding system.  The last revision was 2022 - did you check if this had any impact on your business?

The correct classification of your goods is imperative - governed by a strict set of international rules.  Who in your organisation is responsible for classifying your goods and how well do they understand the rules?  When were your commodity codes last reviewed?  Do you realise that you can only use the codes in the UK Trade Tariff for both exports AND imports?

Join us for this interactive session where we will explore the rationale for this coding system, how to classify your goods, and where to find the most up to date information.

Content:

• The HS Nomenclature
• How commodity codes are used in international trade
• Introduction to UK Trade Tariff
• GIR classification rules
• Understanding the process
• Practical classification illustrations
• Legal obligations and penalties
• Key changes in 2022
• Common mistakes

Benefits:

Delegates will leave with a full understanding of the significance of commodity codes in world trade, their legal responsibilities and how to apply the rules to ensure they satisfy HMRC's classification criteria.