VATupdate

WTO launches new online tool to help users navigate changes in product nomenclatures

The WTO on 7 October launched a new online tool for keeping track of changes in the Harmonized Commodity Description and Coding System (HS), the system used for the classification of traded goods. The HS Tracker, developed with the support of the World Customs Organization (WCO), is also aimed at helping customs officials and traders prepare for HS amendments that will enter into force on 1 January 2022.

The HS Tracker brings together relevant information and documents relating to revisions to HS product nomenclatures, often resulting from changes in manufacturing processes and technological advancements, or developments in environmental and social issues. Since the creation of the HS in 1988 as a standardized language for classifying products, WCO contracting parties have introduced and adopted seven official amendments with HS 2022 as the latest version.

Source WTO

Sponsors:

Advertisements:

* click here if you have interesting news to share *