Zonos’ new classification tools anticipate disruptions from the 2022 Harmonized System change
ST. GEORGE, Utah – (COMMERCIAL THREAD) –Zonos, the global technology leader in cross-border commerce, today announced new and extended classification features to help companies that sell internationally harmonize (or re-harmonize) their product catalogs for product changes. Harmonized System (HS) code 2022.
The Harmonized System is the universal basis for identifying products shipped across borders and is used to determine their applicable duty and tax rates and is updated every five years. The World Customs Organization (WCO) is overseeing the changes and will officially release 351 sets of new six-digit HS code amendments on January 1, 2022, and each country will release its corresponding eight to twelve-digit HS codes during the year. . . Zonos’ in-house team of global trade data experts will update Classify with new HS codes as each country makes them available.
Importers who sell and trade internationally are required to keep up to date with their product classification and are responsible for any shipments with incorrect HS codes through customs; however, there is no deadline or standardized process for how or when countries communicate their updates or when they are live, making it difficult for importers to stay in compliance. The number of affected SKUs coupled with the number of countries an importer sells their products to can exponentially complicate the customs clearance process, resulting in delays, penalties, fines or the seizure of goods at customs.
âThe need for an easy way to stay on top of these changes is evident, and Zonos knows that technology is the best way to evolve these processes in the future,â said Chanel Barnes, Product Manager at Zonos. âAs global trade continues to grow in size and complexity, rapid product classification will be essential for accurate duty and tax calculations and for getting packages through customs smoothly. ”
Zonos Classify harmonizes product catalogs by instantly converting item descriptions or images to HS codes, using an innovative combination of machine learning and natural language processing. In addition to the Zonos API integration, the Classify offering has expanded to include a unique HS code finder and bulk download feature for on-demand classification. The ability to search and review a fully cataloged history of HS code classification requests will also be available in 2022.
Zonos will be hosting webinars in January covering Classify and HS Code 2022 updates. Visit zonos.com for more details.
Zonos is the global technology leader in cross-border commerce. The company’s SaaS solutions provide online retailers, marketplaces, logistics service providers, trade organizations and online marketplaces with the tools and services to easily scale globally, including the the only real landed cost solution on the market. Zonos has helped thousands of businesses better serve their international partners and customers.
For more information, please visit www.zonos.com.