Understanding HSN Codes in Latvia : A Comprehensive Guide

Introduction

The Harmonized System Nomenclature (HSN) Codes, established by the World Customs Organization (WCO), are a global standard for identifying and classifying traded products. Latvia, as a member of the European Union, utilizes HSN Codes to streamline customs procedures, ensuring efficient international trade in line with EU regulations and standards.

Latvia adopts the Harmonized System (HS) Codes within the framework of the Combined Nomenclature (CN) of the European Union. This ensures that the country's classification of goods is consistent with EU standards, facilitating trade within the union and with other nations.

Latvia's adherence to the WCO guidelines reflects its commitment to international trade protocols, thereby reinforcing its position in the global market and ensuring compliance with the established customs classification.

Latvia employs an 8-digit code system, aligning with the EU's Combined Nomenclature (CN), which provides a more granular classification of goods for customs, statistical, and taxation purposes.

The Latvian HS Code system follows the EU's Combined Nomenclature, consisting of sections, chapters, headings, and subheadings that categorize goods methodically.

The structure comprises the chapter (first 2 digits), heading (next 2 digits), sub-heading (next 2 digits), and CN supplementary subheading (last 2 digits), which adds EU-specific classifications.

As an illustration, consider the classification for timber, a significant export product for Latvia. The CN code for sawn timber is 4407.10.00:

Chapter (44): Wood and articles of wood; wood charcoal.

Heading (07): Wood sawn or chipped lengthwise, sliced or peeled.

CN Supplementary Subheading (10.00): Coniferous.

In Latvia, HSN Codes are vital for defining customs tariffs, facilitating international trade, and ensuring legal compliance. They are also crucial for economic analysis and determining the applicable Value Added Tax (VAT) and other duties.

Utilizing detailed Latvia Export Import Trade data categorized by HSN Codes, businesses can conduct thorough market research and competitive analysis. This data provides insight into trade patterns and helps companies to position themselves strategically in the market.

Access Volza's extensive database for Latvia's HSN codes and trade data, which includes comprehensive information about VAT rates and import-export statistics, serving as a key resource for traders and analysts navigating the Latvian market.