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What is the Meaning of Customs Code?
Customs codes are a set of codes used to identify goods and services when crossing international borders. They are used by customs authorities to assess the import duties and taxes to be paid when goods are imported into a country. The codes are also used to identify the origin of the goods, their type, and any applicable restrictions or prohibitions.
The customs code is a numeric code system that was developed by the World Customs Organization (WCO). It is used by customs authorities around the world to classify goods and services for the purpose of assessing duties and taxes. The codes are used to identify the type of goods, their origin, and any applicable restrictions or prohibitions.
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The customs code is divided into two parts: the Harmonized System (HS) and the Combined Nomenclature (CN). The HS is a global system of codes used to classify goods for the purpose of assessing duties and taxes. It is divided into 21 sections, 96 chapters, and 1,244 headings. The CN is a European Union specific system of codes used to classify goods for the purpose of assessing duties and taxes. It is divided into 24 sections, 97 chapters, and 1,246 headings.
The customs code is an important tool for international trade. It is used to identify the origin of goods, their type, and any applicable restrictions or prohibitions. It also helps to ensure that the proper duties and taxes are assessed when goods are imported into a country. The customs code is an essential tool for governments, businesses, and individuals who are involved in international trade.