The Harmonized System 2022 is coming. This means a lot of commodity codes will change as per January 1st 2022 – check now to ensure you are using the correct codes ready for January 22.
Every five years, the World Customs Organization (WCO), an international body comprised of representatives from 183 customs administrations worldwide, undertakes a general review of the Harmonized Commodity Description and Coding System (Harmonized System or HS), a product nomenclature developed by the WCO that serves as a basis for the tariff schedules of more than 200 countries and economies around the world.
The key factors driving the HS 2022 amendments include:
advances in technology
new product streams
changing trade patterns
health and safety
the fight against terrorism and
facilitating implementation of various international Conventions
Table 1 shows the correlation of the 2022 version to the 2017 version of the harmonized system – TABLE 1