Consumable GoodsAugust 27, 2022
The Harmonized System Code
All imports and exports are classified under a system.
The HS Code is administered by the World Customs Organization (WCO) and is updated every 5 years.
Harmonized System (HS) Codes, also known as the Harmonized Commodity Description and Coding System, or simply the Harmonized System, are a standardized international system to classify globally traded products. They are commonly used throughout the export process for goods.
The Harmonized System is a standardized numerical method of classifying traded products. It is used by customs authorities around the world to identify products when assessing duties and taxes and for gathering statistics.
If HS codes are used properly, taxes can be reduced or deducted. For example, “9817.85.01” is a US HS code for importing prototypes. The taxes for this category is free
The HS is administrated by the World Customs Organization (WCO) and is updated every five years. It serves as the foundation for the import and export classification systems used in the United States and by many trading partners. The HS assigns specific six-digit codes for varying classifications and commodities. Countries are allowed to add longer codes to the first six digits for further classification. Singapore adopts the 8-digit HS Codes in the ASEAN Harmonized Tariff Nomenclature (AHTN), which is based on the World Customs Organization (WCO) 6-digit level HS Codes, for use by all ASEAN member countries.