HS Code:8703242110

Rechargeable Reciprocating Piston Internal Combustion Engine Coupe with Exhaust> 4L

13%

Value-added tax (VAT) rates

13%

VAT refund rate

SECTION

SECTION 17: VEHICLES, AIRCRAFT, VESSELS AND ASSOCIATED TRANSPORT EQUIPMENT·

Chapter

Chapter 87: Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof·

Heading

Heading 8703: Motor cars and other motor vehicles principallydesigned for the transport of persons （other thanthose of heading No. 87.02 ）

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Tax rebate rate

HS Code

Product Name

VAT Rate

VAT Refund Rate

CIQ Code

8703242110

Rechargeable Reciprocating Piston Internal Combustion Engine Coupe with Exhaust> 4L

13%

8703242110999

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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.