The devil’s in the data
Get access to our latest report: The Devil's in the Data
Without accurate source data, accurate product classification is impossible. The ripple effects of inaccurate classification can disrupt entire supply chains, leading to financial losses and strained business relationships. Investing in detailed product descriptions, understanding specific properties, and fostering effective collaboration with suppliers are indispensable steps in the classification process.
Download our latest guide "The Devil's in the Data".
“When you don’t have accurate data to base your classification on, more often than not, you’ll end up with an incorrect tariff code on your paperwork. This can mean fines and border delays that nobody wants. The devil really is in the detail.
Our guide is here to help you understand what data you need to classify goods correctly and outline the key steps and considerations to take when deciding on a tariff code"
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Bad data in, means bad data out.
Learn what a tariff code is, as well as the difference between HTC codes, commodity codes and HS codes
Find out what data you need to classify products
What is a goods description and best practice top tips
A word from our expert
Elizabeth Davies
TariffTel Customs System Manager,
Key contents and what you'll learn:
- Learn what a tariff code is, as well as the difference between HTC codes, commodity codes and HS codes
- Find out what data you need to classify products
- What is a goods description and best practice top tips
A guide to getting the most out of your data to achieve accurate classification every time.
Get the most out of your data to achieve accurate classification every time. Download our latest guide "The Devil's in the Data" and watch our latest webinar in partnership with IOE&IT which took place in June 2024.
1) What is classification & why is accurate data vital?
Put simply, customs classification refers to the process of assigning a code to a product that is to be imported or exported. This code is used to determine the tariff rates that apply to the goods, as well as to facilitate trade by enabling customs authorities to identify and track shipments. There are a few variations of a code you may see, including HS codes, HTS codes, and Tariff/Commodity Codes.
Accurately classifying products with the correct tariff code is essential for smooth international trade operations. The process is complex, requiring a thorough understanding of your product’s properties, as well as regulatory frameworks, to ensure compliance and the assignment of an accurate tariff code.
The importance of having precise product data to hand cannot be overstated. Without it, accurate classification is unattainable, leading to potential shipment delays, increased costs, and even legal complications.
What do we cover?
2) What types of data do custom teams need to classify?
Your suppliers hold the key to leveraging data in your organisation and providing the correct tariff code.
Often people might think the only data source they need to check in order to classify is simply the tariff book. When in fact, there are multiple sources teams need to reference in order to be assured the tariff code they use is correct. Explanatory notes, General Rules of Interpretation (GRIs), chapter notes and rulings all have a bearing in deciding what tariff code to assign. When referring to these sources, having a precise product description from your supplier is key.
Further complications also can arise from data not being held in one central, freely accessible location, but instead across multiple, disparate sources, some of which are only accessible for a fee.
3) Our fail-proof approach to the perfect goods description
At the heart of the classification process lies the goods description—a concise yet comprehensive, and legal, description of the item being classified. Getting the information needed can sometimes prove a challenge as data can be held in numerous sources or with your suppliers. But it’s a crucial aspect of classification to address that will lead to accurate classification and improved compliance.
Download our guide to get access to steps to the perfect goods description
Get immediate access to our latest report: The Devil's in the Data
Customs classification: The devil's in the data webinar
Watch our latest webinar in partnership with IOE&IT which took place in June 2024.