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Trade Classification: Harmonized Tariff Schedule ("HTS") and Schedule B (TRD572P)

Presented by: Randi S. Waltuck Barnett
 
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Pre Recorded Webinar
60 minutes
  •  Wed, May 24, 2017
Event Description
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Understanding Customs Classification of Products Under the Harmonized System and Schedule B.

The cornerstone of the global trading platform is the classification of products under the WTO’s Harmonized Commodity Description and Coding System, generally known as the Harmonized System (“HS”), implemented in the United States under the Harmonized Tariff System of the U.S. (“HTSUS”). This global system defines, among and between all member nations, a codified methodology for determining what a product is as it crosses international borders. In most countries, the HS serves for both import and export classifications. By contrast, in the United States, there is an additional, simplified classification system for US Exports called the Schedule B.

Customs classifications are complex and often not intuitive. Learning the best ways to navigate the legal rules and best practices to properly assign trade classifications to your internationally traded goods will provide accurate rates of duty, improved financial forecasting, and avoid potentially damaging penalties for non-conformance. Correct classifications also provide the cornerstone for many trade agreement rules; therefore, inaccurate classifications can have a cascading effect throughout your global supply chain. It helps you avoid those potential pitfalls.

Fortunes can be won and lost based on correct or incorrect trade classifications. Further, most trade agreements that provide for landed cost saving opportunities are based, at least in part, on a tariff shift theory, which can only be lawfully accomplished by understanding the rules for assigning import and export classifications.

This session by expert speaker Randi S. Waltuck Barnett will discuss the classification systems, what the legal rules are for applying them to your globally traded goods, and how best to meet the legal standard of exercising reasonable care when assigning classifications to your imported and exported merchandise. It will further discuss how to avoid significant potential penalties for material violations, and how to assure best-practices for trade compliance by understanding this business-critical, complex area of customs law.

Session Highlights

  • The global Harmonized System
  • Anatomy of a trade classification number (Chapter, Heading, Subheading, and beyond)
  • Legal rules of trade classification, including the
    • General Rules of Interpretation (“GRIs”)
    • Section Notes
    • Chapter Notes
  • Additional classification tools beyond the legal rules to help you classify your goods
  • Best practices for researching and documenting assigned trade classifications, to meet the “Mod Act” requirements
  • Agent management methods to ensure that government declarations are accurate
  • Best practices for creating internal controls around import-export classifications
  • Post-transaction self-assessment methods

Who Should Attend

  • Import compliance
  • Legal
  • Finance
  • Engineering
  • Purchasing
  • Strategic sourcing
About Our Speaker(s)

Randi S. Waltuck Barnett | trade compliance programs SpeakerRandi S. Waltuck Barnett
Ms. Waltuck Barnett is a highly regarded global trade professional, having created and implemented global and domestic trade compliance programs across many industries for companies large and small. Her experience includes oversight of a $5B, 65-location division of Honeywell, a $3B, 17-location division of Motorola, G... More info

 
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    Subject: You might be interested in this event from AudioSolutionz
    Event Title: Trade Classification: Harmonized Tariff Schedule ("HTS") and Schedule B
    Presenter(s): Randi S. Waltuck Barnett

 
 
 
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