The HS Code 91011940: Wrist Watches with Cases of or Clad with Precious Metal
Wrist watches have become an essential accessory in our daily lives. They not only help us keep track of time but also make a fashion statement. The HS Code 91011940 specifically refers to wrist watches with cases made of or clad with precious metal. These watches are not just ordinary timepieces; they are electrically operated and feature both opto-electronic and mechanical displays.
The HS Code 91011940 provides a standardized classification for these specific types of wrist watches. This code helps in the identification, tracking, and assessment of import and export duties, as well as the application of special tariff preference programs.
When importing wrist watches with the HS Code 91011940, the bound or MFN (Most Favored Nation) duty rate is 41 cents each, with an additional 5% duty on the case and strap, band, or bracelet. Furthermore, there is a 4.2% duty on the battery. It is important to note that this duty rate may vary depending on the country and its trade policies.
However, certain countries have special tariff preference programs in place for the HS Code 91011940. For example, Australia, Bahrain, Canada, Denmark, Spain, Israel, Japan, Jordan, Morocco, Mexico, Oman, Peru, Singapore, and many others offer duty-free treatment for these wrist watches. In some cases, there may be a nominal duty rate of 5.1 cents each, along with a 0.6% duty on the case and strap, band, or bracelet, and a 0.5% duty on the battery. Chile, in particular, has a special rate of 5.1 cents each, with the same additional duties on the case, strap, band, or bracelet, and the battery.
The HS Code 91011940 applies to wrist watches with cases of or clad with precious metal, which are electrically operated and feature both opto-electronic and mechanical displays. The code helps in the classification and assessment of import and export duties, as well as the application of special tariff preference programs.
When it comes to the United States, the Virgin Islands is listed as both an importing and exporting state for wrist watches with the HS Code 91011940. This indicates the movement of these watches between the Virgin Islands and other countries.
the HS Code 91011940 plays a crucial role in the classification and regulation of wrist watches with cases of or clad with precious metal. It helps in determining import and export duties, as well as the application of special tariff preference programs. Whether you are importing or exporting these watches, it is important to familiarize yourself with the specific duties and regulations associated with this HS code.
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