When it comes to international trade, the Harmonized System (HS) plays a crucial role in classifying products and ensuring smooth cross-border transactions. In this article, we will delve into the HS Code 99040412, specifically focusing on the product description, related codes, value safeguard period, duty rates, quantity unit, and special tariff preference programs.
The HS Code 99040412 encompasses butter and cream products that have a butterfat content exceeding 45%. This code is used to classify these goods during import and export processes, allowing customs authorities to identify, regulate, and facilitate their movement across borders.
In addition to HS Code 99040412, there are three related HS codes that are relevant to butter and cream products:
These codes help to further specify the exact nature and composition of the butter and cream products being traded.
Products falling under HS Code 99040412 are subject to a value safeguard period. This period refers to the range of values within which the product's import or export price must fall to comply with trade regulations. For butter and cream with over 45% butterfat, the value safeguard period for this HS code is set at $1 to $1.199 per kilogram (KG).
The bound / most-favored-nation (MFN) duty rate for HS Code 99040412 is 48.4 cents per kilogram (KG). This duty rate applies every time a country lowers a trade barrier or opens up a market. It ensures that the same goods or services from all trading partners are subject to the same duty rate, promoting fairness and equality in international trade.
The quantity unit for HS Code 99040412 is kilograms (KG). This unit of measurement is used to determine the weight of the butter and cream products being imported or exported. It allows for accurate calculation of quantities and facilitates trade transactions.
Under certain circumstances, special tariff preference programs may apply to butter and cream products falling under HS Code 99040412. These programs provide preferential treatment in terms of duty rates or exemptions, aiming to promote trade between specific countries or regions.
It is important for importers and exporters to stay updated on the latest special tariff preference programs that may be applicable to their trade activities. By taking advantage of these programs, businesses can potentially reduce costs and gain a competitive edge in the global market.
HS Code 99040412 plays a vital role in classifying butter and cream products with over 45% butterfat. Understanding the product description, related codes, value safeguard period, duty rates, quantity unit, and special tariff preference programs associated with this HS code is essential for smooth and compliant international trade.