Product classification isn’t easy. Companies need to ensure that products are correctly classified and void of compliance risk, meeting a wide range of classification requirements. Such requirements could include Harmonized Tariff Codes, Schedule B, and Export Control Classification Number (ECCN). To complicate matters, trade rules are constantly changing – monitoring them is a big job.
Maintaining compliance and avoiding penalties and delays depends on data integrity, consistent and accurate classification and product management. SAP Global Trade Services (GTS) can support your product classifications. It is important to understand how to:
- Perform transactional compliance checks for Harmonized Tariff Schedules (HTS)
- Determine whether a product classification is missing upstream of sending import or export data to the customs authorities
- Maintain data and process when there are regulatory changes
- Apply these checks to all Global Imports and Exports
To learn how, Krypt’s Global Trade and Logistics Solution Architect, will be partnering with the GTS ASUG group to conduct a short webcast covering the above points and give you tips on how best to manage compliance controls for global HTS.
Comparing options for your export transaction? Here’s a quick comparison between Schedule B or HTS.