Be in the Know: Countdown to Important Commodity Code Changes Coming January 2024
Prepare for a shift in January 2024, when some commodity codes will be modified. This transition has significant implications for cross-border businesses, mandating a proactive approach to staying ahead of the developing legal landscape.
Commodity codes act as product labels; changing them affects how items are declared at customs and how the supply chain operates. Understanding and reacting to these changes is critical for accurate customs declarations and simplified supply chain procedures, as commodity codes are the foundation of trade classifications.
It is critical that you are aware of these changes and have a plan of action so that everything continues to run smoothly when the new commodities codes take effect.
It is crucial to note that the existing commodity codes will remain in effect until 2023. Only make modifications when there are no more customs declarations required for this year, which should be toward the end of the year.
Make modifications only when there are no more customs declarations required for this year, around the end of the year.
On October 31, 2023, the EU Commission published modifications to the Combined Nomenclature. The tariff for the United Kingdom was published on November 20. Additional changes were made to the classification of some substances in the list of non-proprietary names for medicinal substances in the customs tariff annexes. From January 1, 2024, enterprises must record the commodity codes listed in the Annex in exports or intra-community transactions.
At a glance, the most notable changes are:
- Chapter 8: Bananas
- Chapter 20: Tomatoes
- Chapter 39: Plastic waste
- Chapter 50: Silk – subheading 500720 “Other fabrics, containing 85% or more by weight of silk or silk waste other than noil silk” has been reduced
- Chapter 56: Nonwovens
- Chapter 70: Waste and discard of various closed textiles of glass fibre rovings
- Chapter 90: Lasers – passive optical splitters were newly included in heading 9013
- Chapter 94: Parts of seats of motor vehicle
Additional changes were made to the classification of some substances in the list of non-proprietary names for medicinal substances in the customs tariff annexes.
iCustoms is here to assist you in making the necessary changes
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