Incorrectly selected TN VED code

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How an importer can avoid losing time and money at Chinese customs
The conditions of international trade are changing, but the number of those wishing to import goods is not decreasing. With the departure of many foreign companies, sellers have switched to importing venezuela telegram database from China and countries of the Asia-Pacific region. Stanislav Ivanov, founder of the wholesale marketplace GlobalMart, spoke about the main mistakes of importing from Asian countries and gave advice on how to avoid them.

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Incorrect determination of the commodity nomenclature code for foreign economic activity (TN VED) is a common mistake. Incorrect interpretation of the description of goods in the contract or inattentive study of the TN VED structure can lead to the selection of an inappropriate commodity item.

If a discrepancy is found at customs, the cargo will be detained for inspection, which will entail additional costs. And if, after identifying the correct code, it turns out that customs payments are lower than required, the declarant risks receiving a fine of 50% to 200% of the underpaid amount.

At the same time, some goods do not have a clear classification, and several commodity items may correspond to them. To understand, it is important to study the basic rules for interpreting the TN VED and many regulatory acts of the Board of the Eurasian Economic Commission and the Federal Customs Service of Russia. In most cases, the help of a customs analyst will be cheaper and faster.

To avoid mistakes, carefully study the description of the goods in the contract, paying attention to all characteristics, materials and functions. When determining the code, always refer to the current version of the Unified Customs Tariff (UCT).