The Combined Nomenclature 2024: Update and Implications for Businesses
November 1, 2023
The European Union has released the Combined Nomenclature (CN) for the year 2024. This move, officially announced on 31 October 2023, will come into effect on 1st January 2024. In this blog post, we will delve into the basics of the Combined Nomenclature, the significance of the update, and how businesses should respond.
What is the Combined Nomenclature?
The Combined Nomenclature, often abbreviated as CN, is a so-called goods classification system used in the EU. It serves to uniquely identify goods and classify them into customs tariff numbers (CN-codes). This is crucial for determining customs duties, import and export control specific provisions, as well as compliance with trade agreements and regulations. The CN consists of several thousand positions that classify goods into various categories and subcategories. It is regularly updated to reflect changes in the global trade landscape and technological developments.
The CN 2024: What's Changing?
The publication of CN 2024 means that businesses need to prepare for some significant changes and updates. These changes can affect positions, notes, and other details within the CN. They can impact various industries and product groups, ranging from agricultural products to electronics and machinery. It's essential to note that CN changes can have implications for customs duties, import and export regulations, and the legal classification of goods. Companies must ensure that they adapt their master data and customs tariff numbers to the new information to avoid future trade-related issues and delays.
What Should Businesses Do?
Companies engaged in international trade should actively engage with the changes in CN 2024. Here are some steps they can take:
Review Your Master Data: Companies should ensure that their master data, including customs tariff numbers, are up-to-date. This is crucial for accurately filling out customs declarations and avoiding unexpected costs. Our traide tool can assist in this process, replacing the manual and time-consuming effort required for hundreds or thousands of records with an automated solution.
Track the Changes: Companies should monitor official communications from the EU Commission and other relevant authorities to stay informed about specific changes in CN 2024. Our team regularly tracks and reviews the latest classification regulations to keep the traide tool up-to-date. Additionally, we regularly report such changes within our tariff community.
Prepare Early: Companies should take early measures to make the transition smooth. This may include training employees, updating software and processes, or adjusting contracts with suppliers and customers.
Overall, the update to the Combined Nomenclature for 2024 is a significant step in the world of international trade. Companies that engage with it early and adapt their processes and data are better positioned to successfully navigate the changes and benefit from smoother trade transactions.
How Can We Support You?
At traide, we are dedicated to the customs tariff number. Our goal with traide is to provide an intelligent software package that achieves and maintains the completeness, timeliness, and integrity of an entire product database for a company (sometimes millions of products) according to customs requirements. Additionally, we address issues that arise before the actual tariffing process and significantly influence it. This includes the quality of product descriptions, which often provide insufficient or unstructured and scattered information (e.g., in HTML format on a webshop or in product data sheets). At its core, traide features an intelligent digital customs tariff expert. It helps quickly find the right customs tariff number and automatically checks existing inventories of tariffed products for formal and substantive correctness, providing feedback to the user in case of errors. The result is significantly increased throughput and reduced error rates for classified products. This frees up personnel resources, creates room for scaling, and enhances security.
Do you have any more questions about this? Feel free to contact us. We are here to help. Contact: email@example.com