HS Code 91029180 refers to a specific product category: watches (excluding wrist watches) that are electrically operated and have over 1 jewel in the movement. This HS code is used to classify and identify these types of watches for import and export purposes.
When importing or exporting goods, it is important to use the correct HS code to ensure that the products are accurately classified and taxed. The HS code system is a standardized international system for classifying and identifying traded goods. It is used by customs authorities around the world to determine the applicable duty rates and regulations for specific products.
In the case of HS Code 91029180, the bound or most favored nation (MFN) duty rate is 76 cents each, with an additional 6% on the case and 5.3% on the battery. This means that when importing or exporting watches under this HS code, these duty rates will apply.
However, there are also special tariff preference programs in place for this product category. For certain countries, the watches classified under HS Code 91029180 may qualify for duty-free treatment. These countries include Australia, Bahrain, Canada (under NAFTA), Chile, Denmark, Israel, Japan, Jordan, Morocco, Mexico (under NAFTA), Oman, Peru, Singapore, and several others.
These special tariff preference programs are designed to promote trade and economic cooperation between countries. They allow for preferential treatment of certain goods from specific countries, usually through reduced or eliminated import duties. In the case of HS Code 91029180, these programs provide an opportunity for certain countries to import or export watches at a lower cost.
It is important to note that the availability of these special tariff preference programs may vary depending on the specific trade agreements and arrangements between countries. Therefore, it is essential for importers and exporters to stay updated on the latest regulations and requirements for their specific trade routes.
HS Code 91029180 is used to classify and identify watches (excluding wrist watches) that are electrically operated and have over 1 jewel in the movement. It is important to use the correct HS code when importing or exporting these products to ensure accurate classification and taxation. Additionally, special tariff preference programs may provide opportunities for duty-free treatment for watches under this HS code when trading with certain countries.