The HS Code 99040503 refers to the product description of milk and cream, condensed or evaporated, that falls under the category of 0402.91.70 or 0402.91.90. This specific HS code is used when these products are entered during the value safeguard period, with a value ranging from $0.15 to $0.199 per kilogram.
HS codes are a standardized system used globally to classify and categorize products for international trade. These codes are crucial for customs authorities, importers, and exporters to ensure accurate and efficient trade documentation. By using the correct HS code, it becomes easier to determine the applicable duties, taxes, and regulations for a particular product.
The bound / Most Favored Nation (MFN) duty rate for HS Code 99040503 is 19.5 cents per kilogram. This means that every time a country lowers a trade barrier or opens up a market, it must do so for the same goods or services from all its trading partners. The MFN duty rate ensures fair and equal treatment for all trading partners, promoting transparency and non-discriminatory trade practices.
The quantity unit for HS Code 99040503 is kilograms (KG). This unit of measurement is commonly used in international trade to determine the weight and quantity of goods being imported or exported. It helps establish accurate pricing, shipping, and logistics arrangements.
Additionally, HS Code 99040503 may be eligible for special tariff preference programs. These programs provide certain benefits and concessions to encourage trade between specific countries or regions. Importing and exporting US states may have different programs in place to facilitate trade and promote economic cooperation.
By correctly using HS Code 99040503, importers and exporters can ensure compliance with applicable regulations, accurately calculate duties and taxes, and benefit from any special tariff preference programs. It is essential to stay updated with any changes or updates to HS codes and trade policies to ensure smooth and efficient international trade.