An essential component of international trade compliance is the accurate classification of products according to tariff codes. Tariff codes, also known as Harmonized System (HS) codes or commodity codes, are a standardized system of classification for traded goods used by customs authorities around the globe to assess duties, taxes, and other trade-related regulations.


Once launched, the ADAMftd platform intends to assist businesses in correctly classifying their products according to the applicable tariff codes. To facilitate seamless cross-border transactions and avoid potential penalties, fines, or delays in the clearance process, compliance with customs requirements must be ensured.


By providing accurate classification, the platform will contribute to a more efficient customs clearance procedure, reducing the risk of shipment delays or additional inspections. This accuracy will also allow the correct amount of duties and taxes to be applied to imported or exported products, preventing overpayment or underpayment and reducing the risk of disputes with customs authorities.


The standardized system provided by tariff codes enables businesses to better monitor and manage their global supply chains, ensuring compliance with trade regulations and facilitating efficient operations. In addition, tariff codes can be used to analyze trade data and gain insight into market trends, demand fluctuations, and potential growth opportunities.


With the development of the ADAMftd platform, businesses will have access to tools that help maintain organized, up-to-date product databases, including accurate tariff code classifications. This streamlined database management can save time and resources, reduce the risk of errors, and increase overall productivity.