When it comes to importing articles for the purpose of erecting public monuments, the HS Code 98120040 comes into play. This code specifically applies to articles imported by any institution, society, state, or municipal corporation. In this article, we will delve deeper into the details of this HS code, including the duty rates, quantity units, and special tariff preference programs associated with it.
The HS Code 98120040 covers articles imported for the sole purpose of erecting a public monument. These articles could include various materials, such as sculptures, plaques, or architectural elements, which are intended to be displayed in public spaces. This code applies to imports made by institutions, societies, states, or municipal corporations.
Under the HS Code 98120040, the bound or most-favored-nation (MFN) duty rate is set to be free, under bond, as prescribed in U.S. note 2 to this subchapter. This means that there are no additional duties imposed on the imported articles for erecting public monuments. This provision is in line with the principle of non-discrimination, which ensures that any trade barrier reduction or market opening must be applied to all trading partners equally.
The quantity unit for articles imported under HS Code 98120040 is specified as "no units collected (X)." This indicates that there is no specific quantity measurement associated with the imported articles for erecting public monuments. Instead, the focus is on the purpose and nature of the imported goods rather than their quantity.
Several special tariff preference programs are applicable to articles imported under HS Code 98120040. These programs provide either duty-free treatment or a specific percentage of the fair retail value as the duty rate. The list of special tariff preference programs for this HS code includes:
These special tariff preference programs aim to facilitate trade and encourage imports of articles for erecting public monuments by reducing or eliminating the applicable duties based on the country of origin or specific trade agreements.
While there is no specific information provided regarding the exporting US states for articles imported under HS Code 98120040, it is important to note that the importing state in the United States plays a significant role in the customs clearance process. In this case, the data mentions Utah as the importing state multiple times, indicating that it has a significant demand or involvement in the importation of articles for erecting public monuments.
HS Code 98120040 encompasses the importation of articles for the purpose of erecting public monuments. This code provides duty-free treatment and various special tariff preference programs, promoting the import of such articles. Understanding the details of HS codes is essential for traders, importers, and customs authorities to ensure accurate classification and appropriate customs procedures for the imported goods.