Binding Tariff Information (BTI)
A Binding Tariff Information (BTI) decision is a written tariff classification of your goods.
Binding Tariff Information (BTI) is indeed a vital system used in international trade to classify goods and establish the duties and taxes relevant to them. This classification helps importers and exporters gain a transparent comprehension of the customs tariffs they will be obliged to pay while transporting goods across international borders.
The Binding Tariff Information Application Process
Gathering Necessary Information
Before seeking a Binding Tariff Information decision, importers and exporters must collect all pertinent information about the product they wish to import or export. This includes comprehensive details about the product’s technical specifications, components, and intended usage. Gathering accurate and thorough information is essential as it forms the basis for determining the correct customs tariff classification and, subsequently, the applicable duties and taxes.
Preparing and Submitting the Application
The Binding Tariff Information application is then prepared with all the necessary details and submitted to the customs authorities of the importing country.
Review and Decision
Finally, customs authorities carefully review the application, ensuring it meets all the requirements. A Binding Tariff Information decision is then issued, classifying the goods and determining the applicable tariffs.