What is it?
A process to determine the correct tariff code for imported and exported goods. Classification of goods is relevant from a customs point of view. It impacts customs duties, excise duties, import VAT, origin management, preferential duties, and import and export restrictions.
Why is it Important?
Incorrect input of tariff code may result in significant costs, e.g. wrong amount of duty paid or improper use of free trade agreements or even custom fines. The classification of goods is information-driven.
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