Global Classification

Global Classification is the process of classifying products for the purpose of complying with customs authorities, qualifying for free trade agreements and filing entries to customs during the importation or exportation of those products. A slight difference in classification can mean a huge difference in the duties that are paid.

Classification data includes:

With the growing complexity of supply chains as well as the increasing number of government regulations around importing and exporting, companies are realizing the need to proactively manage trade compliance data in order to minimize risk, such as the inaccurate classification of data. Providing classification data on imported and exported products is required, regardless of an organization's global location and classifying products is typically a manual and time-consuming process. Companies need to establish data management standards to help reduce inaccurate classification, strengthen the exchange of data between trading partners, and provide version control in order to track all changes that take place.

This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.