The Combined Nomenclature (CN) for 2024 has been updated, with changes including new codes and the introduction of a separate CN code for passive optical splitters. The purpose of the update is to implement lower customs duties on information technology products covered by the ITA agreement and maintain exemption from customs duties. Entrepreneurs should be aware that the CN code is the basis for customs declaration and duty rates, and should adjust their classifications accordingly. The new or changed tariff codes will take effect from January 1, 2024, and importers and exporters should analyze how this will impact their customs declarations and authorizations.
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