… well, not all of them luckily!!! But, just like Bob Dylan's song that inspired the title, my less-so-poetic commentary is a rallying call for consideration of the impending changes in the HS2022 update.
Some background to set the mood: the Harmonised System is a convention comprising the nomenclature for the classification of products in cross-border trade. The nomenclature is a hierarchical structure consisting of product categories/subcategories and descriptions, represented in a six-digit numerical code (HS Code). The HS Codes enable Customs and other governmental authorities to categorise what is being imported or exported. Within the 200+ countries adhering to the Harmonised System, the six-digit HS Code is expanded at a national tariff level and includes additional digits for further sub-categorisation. A Tariff Classification is commonly between 8-12 digits for most countries.
Every 5-6 years the World Customs Organization (WCO) updates the Harmonised System to accommodate new products, to more specifically categorise certain products, address environmental/social concerns, or to provide more clarity and transparency.On 1st January 2022, the codes they are a-changin'!
Major Changes
There are 351 amendments in HS2022.
The summary provided below, and especially the examples used, are not a comprehensive or exhaustive list of changes.
They are simply provided for illustration purposes.
Changes in HS2022 include:
