HS Code:7112922001

Other waste and scraps containing 3% or more of platinum, but excluding sweepings containg other precious metals, used principally for recycling platinum

13%

Value-added tax (VAT) rates

0%

VAT refund rate

SECTION

SECTION 14: NATURAL OR CULTURED PEARLS, PRECIOUS OR SEMI-PRECIOUS STONES, PRECIOUS METALS, METALS CLAD WITH PRECIOUS METAL, AND ARTICLES THEREOF; IMITATION JEWELLERY; COIN

Chapter

Chapter 71: Natural or cultured pearls, precious or semi- precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation jewellery; coin

Heading

Heading 7112: Waste and scrap of precious metal or of metal clad with precious metal; other waste and scrap containing precious metal or precious metal compounds

Pay and get paid in local currency. Save up to 80% on your currency exchanges

Tax rebate rate

HS Code

Product Name

VAT Rate

VAT Refund Rate

CIQ Code

7112922001

Other waste and scraps containing 3% or more of platinum, but excluding sweepings containg other precious metals, used principally for recycling platinum

13%

7112922001999

Secure and stable

Experience top-tier security with our platform. We strictly adhere to applicable regulations and best compliance practices — no more account freezes! Your funds, transactions and data are safeguarded with leading industry standards, reinforced by AI-driven risk management.

Lightning fast send and receive

Enjoy instant payments between XTransfer accounts as well as swift global transfers and reporting to meet currency regulatory requirements. Our services are accessible 24/7, even outside traditional banking hours.

Save money, effortlessly

Enjoy free transfer between XTransfer accounts and market-beating FX rates. NO account opening fee, NO maintenance fee. Boost your profitability by saving up to 10% in your deals.

Goodbye to hustle and bustle

Open multi-currency business accounts on our one-stop platform with just a click! Send and receive without amount limit — no more bank queues, no more lengthy paperwork. Transfer anytime, anywhere on your phone or laptop.

ReliableFastSaveSimple

Hear what our customers say

"I use XTransfer not only to pay my Chinese suppliers, but also to pay and get paid globally. This account alone solves all my needs."

Mr. Ortiz Felipe

CEO, Guangzhou Afei Media Co., Ltd.

"As both an importer and exporter, I've found XTransfer to be invaluable in streamlining my payment processes. It has truly simplified international transactions for my business!"

Ms. Trịnh Thị Minh Kiều

CEO, Quang Minh Kieu Import Export Trading Service Co., Ltd.

"Cash flow has always been a big issue in export. It is secure and compliant to pay suppliers in mainland China through XTransfer, and the money arrives in no time."

Mr. Ryan Lee

CEO, Channel Technology Ltd.

"XTransfer is safe and compliant. Money arrives in seconds 24/7, which has sped up my trade process. Buyers are more willing to work with me because of that!"

Ms. Nan QIAO

General Manager, Yiwu Beicheng Trading Co., Ltd.

"XTransfer is not merely an online platform. Its knowledgeable staff are highly supportive in facilitating legitimate money transfer, effectively minimizing the risk of account freezes to zero."

Mr. Eddie CHOU

CEO, United Art Metals Factory Ltd.

"With 20 years in the biometric industry and a global customer base, we've used XTransfer for three years - a fast and convenient solution for payment collection."

Ms. Sissi TAO

General Manager, Granding New Technology Generation

FAQ

What are Harmonized System (HS) Codes?

HS codes are a standardized numerical method of classifying traded products used by customs authorities worldwide for assessing duties and taxes, as well as for gathering trade statistics.

Who Administers the HS Codes?

The World Customs Organization (WCO) administers the HS codes, which are updated every five years.

How Are HS Codes Used in International Trade?

HS codes are used to classify goods for shipment to a foreign country, report shipments in the Automated Export System (AES), complete shipping documentation, determine import tariff rates, conduct market research, and comply with U.S. law.

What is the Structure of an HS Code?

An HS code is a six-digit code that classifies goods into sections, chapters, headings, and subheadings, with each pair of digits representing a more specific category.

What is the Importance of Accurate HS Coding?

Accurate HS coding is crucial for legal compliance, as incorrect codes can lead to penalties, improper tariffs, and increased costs for importers. It is also essential for trade statistics and customs clearance.

How Do HS Codes Affect Tariffs and Trade Agreements?

HS codes determine the tariff rates for goods and can affect whether a product qualifies for a preferential tariff under a free trade agreement. Originating status, which can be indicated by a change in the commodity code, can grant access to preferential tariffs.

Do all products have a HS code?

○ Yes, all products traded internationally are assigned an HS code for classification purposes.