GAC Issues 2017 Edition of Harmonized System Nomenclature | Services: International Tax has been added to your bookmarks.
GAC Issues 2017 Edition of Harmonized System Nomenclature
Tax Analysis:January 2017/China
China’s General Administration of Customs (GAC) issued the 2017 edition of the Harmonized System Nomenclature (Bulletin of GAC  No. 48, or Bulletin 48) on 2 September 2016. Bulletin 48 becomes effective on 1 January 2017. (Tax Analysis:January 2017/China)
The Harmonized System (HS) is a trade tool developed by the World Customs Organization (WCO), and is known as "the common language of international trade." More than 200 countries and Customs or economic unions currently use the HS nomenclature, and more than 98% of global trade is classified based on the HS.
(2) Main changes in the 2017 edition
The 2017 edition of the HS nomenclature contains 242 amendments that cover a wide range of sectors, such as agricultural, chemical, electromechanical, transportation, etc.
(3) Potential impact of changes
The implementation of the 2017 edition of the HS will have an impact on the import and export enterprises in terms of customs classification, tax burden, trade control, compliance, etc.
(4) Deloitte’s recommendations
Given that the HS is subject to a significant amendment only once every five years, the changes will have a lasting impact on enterprises. Enterprises that are engaged in the import and export businesses of the relevant goods should understand the impact of the changes, and make any adjustments, as needed.