What are Commodity Codes and why are they so important in international trade?
They are based on an international classification system, developed by the World Customs Organisation, to help with the identification and treatment of goods as they are imported and exported around the globe.
The World Customs Organisation HS Nomenclature, which is revised every five years, forms the basis of the UK Trade Tariff and our commodity coding system. 2022 sees the introduction of the latest HS Nomenclature so you need to check how this may impact on your business.
The correct classification of your goods is imperative and there are a set of rules which should be used to determine this. Who in your organisation is responsible for classifying your goods? When were they last checked? Do you realise that you can only use the codes in the UK Trade Tariff for both exports AND imports?
Join us for this interactive session where we will explore the rationale for this coding system, how to classify your goods, and where to find the most up to date information.
Workshop Programme in Detail
• The HS Nomenclature
• How commodity codes are used in international trade
• Introduction to the UK Trade Tariff
• GIR classification rules
• Understanding the process
• Practical classification illustrations
• Legal obligations and penalties
• Key changes for 2022
• Common mistakes
The course will be delivered online with full participation from all attendees. You will be sent a calendar invite along with your link to access the session following receipt of your booking.
Delegates will leave with a full understanding of the significance of commodity codes in world trade, their legal responsibilities and how to apply the rules to ensure they satisfy HMRC’s classification criteria.
book your place
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