TORONTO, Ont. — MSR eCustoms has launched a web-based tariff classification and management solution that will help international trading companies manage sweeping changes to the Harmonized Tariff System, which take effect on January 1st, 2007.
More than 350 amendments to HS Codes and notes have been made, affecting 83, or almost 90%, of the 97-chapter Harmonized Commodity Description and Coding System.
Its the biggest revision of the Harmonized System since its introduction in 1988 as the global classification standard.
This has major implications for importers, exporters, customs brokers, freight forwarders and carriers, because incorrect classifications of goods can result in the seizure of shipments and imposition of heavy fines.
This is not a fine-tuning exercise. This is an overhaul of the system, mainly to reflect technological changes, said Jackson Wood, MSR eCustoms Corporate Business Manager. Everyone involved in international trade are required to take notice especially as Canada Customs is emphasizing the need for accurate HS code reporting.
To help comply with the amendments, eCustoms has developed CustomsIQ, which will help businesses update their HS information, as well as assist them in determining the correct customs duty rate.
In addition to helping them manage the 2007 HS revisions, CustomsIQ empowers businesses to formulate a fully-informed product importation strategy and aids them to comply with international trade laws along with tariff regulations of major trading nations around the world.
MSR eCustoms provides automated solutions that help companies involved in global trade achieve compliance rapidly in the short term and continuously over the long term. These solutions include export and import documentation, electronic submissions to Customs, NAFTA management, tariff classification, Restricted Party screening, ECCN analysis, export license determination, usage audit reporting, and export license application, submission and post approval management.
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