When it comes to international trade, certain regulations and codes are in place to ensure smooth and fair transactions. One of these codes is the HS Code, which stands for Harmonized System Code. Each product is assigned a unique HS Code, allowing for standardized classification across countries and regions.
HS Code 99041203 specifically refers to peanuts in shell, which fall under the broader category of 1202.10.80. This code helps customs authorities and traders accurately identify and classify the product during import and export processes.
Peanuts in shell are a popular snack enjoyed by people around the world. The product description for HS Code 99041203 states that it specifically refers to peanuts in shell, entered in the value safeguard period. The value safeguard period determines the minimum and maximum value range for the product.
The specified value range for peanuts in shell under this HS Code is $0.10 to $0.149 per kilogram. This information is crucial for both importers and exporters to determine the value of the goods and calculate any applicable duties or taxes.
The bound / MFN (Most Favored Nation) duty rate for HS Code 99041203 is 5.8 cents per kilogram. This duty rate is important to consider when importing or exporting peanuts in shell. It represents the rate that must be paid for each kilogram of the product.
It is worth noting that the bound / MFN duty rate applies to all trading partners equally. This means that whenever 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. This principle promotes fair and non-discriminatory trade practices.
The quantity unit for HS Code 99041203 is kilograms (KG). This unit of measurement is used to determine the weight of peanuts in shell being imported or exported. Importers and exporters must accurately declare the quantity of goods to ensure compliance with customs regulations.
Special tariff preference programs may exist for peanuts in shell under HS Code 99041203. These programs provide specific benefits or reduced duty rates for certain countries or regions. Importing and exporting US states may have different programs in place, influencing the applicable duties or tariffs.
It is essential for traders to stay updated on any special tariff preference programs and take advantage of them when eligible. This can help reduce costs and facilitate trade between countries.
HS Code 99041203 is a specific code assigned to peanuts in shell. It provides valuable information about the product, including its description, value safeguard period, duty rate, quantity unit, and any special tariff preference programs. Understanding and correctly utilizing this HS Code is vital for smooth and compliant international trade transactions involving peanuts in shell.