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A commodity code is a sequence of numbers made up of six, eight or 10 digits.
The commodity code determines:
• The customs duties and other charges levied on the goods
• The preferential treatments that may apply to their import
• The restrictions and prohibitions that may apply to the import, export or transit of the goods.
Six-digit commodity codes are HS codes (WCO Harmonized System). They are used worldwide in monitoring trade volumes and applying international trade measures to goods. The HS nomenclature forms the basis for the 8-digit Combined Nomenclature and the 10-digit Taric Nomenclature.
Eight or 10-digit commodity codes are used in import and export declarations and in statistics declarations on internal trade between EU countries (Intrastat declarations).
To read more and book your place, visit: https://www.cambridgeshirechamber.co.uk/event/understanding-commodity-codes/
By attending this course we will ensure you:
• Are aware of what a commodity code is and what it is used for
• Understand the process of how to classify goods
• Successfully classify a range of goods
• Understand the importance of getting your commodity codes correct.