KDnuggets : News : 2006 : n19 : item34 < PREVIOUS | NEXT >


Global Data Mining Provides 2007 HS (Tariff Classification) Reform Screening

EVERGREEN, Colo./Sept. 29, 2006 --- Many CFO’s and supply chain executives may not be aware that a supply chain “bottleneck” is looming in the very near future. If not properly managed, it can have a significant impact on their business, including a slowing of the international purchase-to-delivery supply chain, incorrect classification of goods, incorrect declarations of taxes due and ultimately inaccurate financial records and documentation – all of which can put companies at a competitive disadvantage.

The World Customs Organization’s (WCO) third major revision of the Harmonized Schedule will be implemented on January 1, 2007. The new version includes more than 350 amendments to the HS Nomenclature and triggers a chain reaction of critical trade data changes that if not managed effectively may threaten a company’s first quarter, and even 2007 profit projections.

The 2007 HS (Tariff Classification) Reform may result in thousands or even hundreds of thousands of updates, corrections and changes in current corporate databases critical to the efficient flow of the global supply chain. The 2007 HS Reform affects each of the 166 countries participating in the WCO. For large multi-national corporations this will impact an enormous amount of data and processes, and strain already limited global trade resources.

With the deadline for this enormous task only a few months away, Global Data Mining, LLC has developed automated screening tools to identify all affected tariff classifications and help companies effectively determine the scope of an HS Reform project that must be completed to assure a smooth transition and an un-interrupted chain of supply.

For more information, visit www.gdmllc.com.

KDnuggets : News : 2006 : n19 : item34 < PREVIOUS | NEXT >

Copyright © 2006 KDnuggets.   Subscribe to KDnuggets News!