Did you know that nearly 100 million live Christmas trees are bought across Europe and America every year? If you assumed every tree was valued at £30 (34.27 Euro 20/12/2022), that’s three billion pounds of trade on just the Christmas tree alone. That’s without freight, insurance, or decorations!
When they find irregularities or do not agree with certain classifications, you need to update your classification or file an objection against the Customs Authorities’ findings. When you use the wrong classification, the result can be that you pay too much or that you don’t pay enough import duties, this can affect your business. Read on, or contact one of our consultants to check you are risk-free in your Goods Classification today.
Many products and materials are produced by different companies in different countries, both inside and outside of the European Union. In regions that have, for example, lower labour rates, it is possible to produce these goods at a far lower cost than inside the European Union and thus sell them at a lower price. These products are then “dumped” at a far lower price on the EU market.
- Customs duties;
- Import and export limitations;
- Obligations regarding documents;
- Commercial policy measures;
- Security measures.
Using the incorrect classification of your goods can delay your customs declaration process or delays when the Customs Authorities detain a shipment at the border. It can also lead to higher duties and even significant fines. That is something that you or your customers don’t need. That is why it is essential to check your commodity codes.
What is an HS-Code
HS-Code stands for Harmonized System Code. It is developed and maintained by the World Customs Organization in Brussels. HS-Codes are used by Customs Authorities worldwide to categorize products. Based on the HS-Code of the product you want to export there are specific requirements, import duties, tariffs, or taxes you may need to pay.