13 August 2022 06:22 AM

Finance minister says amended customs tariff copes with HS 2022

Wednesday، 08 June 2022 - 02:30 PM

Finance Minister Mohamed Maait said Wednesday the customs tariff has been amended to cope with international developments of the Harmonized System (HS) 2022.

It is used worldwide for the uniform classification of goods traded internationally, and has been accepted by all Contracting Parties to the Harmonized System Convention

The HS is also meant to encourage local industry in a way that would lure more investments and help maximize production and settle advanced industries, Maait said in a statement after the House of Representatives approved a presidential decree to amend the customs tariff.

He made it clear that the customs tariff has been reduced for more than 150 production inputs, noting that remarks by the federation of industries and the industrial sector have been taken into consideration in order to protect the industry and maintain operation and labor rates.

The World Customs Organization (WCO) has amended the HS Code structure, which serves as the basis for customs tariffs and for the compilation of international trade statistics in 211 economies.

Although the HS is not an exhaustive list of products, it is an extensive product nomenclature comprised of more than 5,000 commodity groups, ranging from non-manufactured goods, such as animal, vegetable, and mineral products, to manufactured and other highly processed goods.

The new HS 2022 edition includes major changes to the Harmonized System with a total of 351 sets of amendments covering a wide range of goods.

HS 2022 is the seventh edition of the HS and entered into force on January 1, 2022. 

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