68% of clients have avoided additional costs such as fines and unnecessary import duty associated with wrong HS codes
The rules and regulations around importing and exporting change so frequently that even experienced traders get caught out from time to time.
The Customs Healthcheck is perfect for companies who know what they’re doing but are having difficulty with one or two particular aspects of their importing or exporting processes. This could include;
Whether you’re about to export for the first time like My Sports and More or need to check the commodity codes you’ve been using for a long time like Hone-All Precision, tariff classification is one of the most important things to get right.
The HS code you use will determine if and how much import duty is due and whether your products require licences or regulatory certification. Getting it wrong will result in your goods being examined by customs and possibly tested which is extremely time consuming. Your customer won’t receive their products on time and you will probably incur demurrage charges from your transport company while the issue is resolved.
Further to the refresh of commodity codes by the World Customs Organization (wcoomd.org) at the beginning of 2022 (they are reviewed every 5 years), many companies have found their HS codes being challenged by customs authorities, particularly in the EU and USA. It is best practice to check your commodity codes are still valid in the tariffs of all the customs territories you operate in but if you don’t have the resource or expertise, The International Trade Consultancy can help.
To find out what’s involved read the Masterbuilt case study that explains the process.