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Harmonized System 2007 Implementation


source: author: time:2007-08-20  

The Harmonized System (HS) 2007 has taken effect on January 1. The major amendments have been published by the World Customs Organization (WCO). This is the third major revision of the HS since 1988, which involved changing more than 1600 HS codes in China. Exactly 354 amendments have been made including for HS codes under Chapters 84 and 85, the two frequently used Chapters in China. The HS is important for not only for determining tariff rates but also used to determine export VAT refund rates and other non-tariff requirements such as Import Licensing and China Compulsory Certification. Customs are also enforcing HS compliance for statistical purposes as these are used in trade negotiations and policy development. In practice, the majority of products may be re-classified without too much difficulty, and only the minority may require closer scrutiny based on any updated Section and Chapter Notes and the Explanatory Notes that accompany the HS System. 


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