HS CODE - How commodity traders cheat on customs legally

Have you ever heard of HS code? tariff code? custom code? In this video, a former commodity trader explains how commodity firms play on rules and regulations to optimize thier taxation and how they can easily fall into illegal activities.

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Timestamps :

0:00 Intro
0:40 HS code intro
1:06 Shipping Channel HS code video
2:58 HS code example
4:05 Sum up about the HS code system
4:46 How I found the HS code loophole
6:16 #1 Loophole explanation
7:36 #2 Loophole
8:39 Legal?
9:00 Outro

Disclaimer
The content of this video is provided for informational and educational purposes only and does not constitute financial, investment, legal, or other professional advice. Nothing in this video should be interpreted as a specific recommendation to buy or sell any investment or financial product. Always consult with a qualified professional regarding your individual circumstances before making financial decisions. All views expressed are my own and do not necessarily reflect those of my employer or affiliated institutions. Investments carry risk, and past performance is not indicative of future results.

[AnaCristinalolinsanches]

Yes, I use this type of trick every time I want to calculate the price of a product for a client. For instance, green coffee beans have no taxation for importation into Europe, but roasted coffee does. So the buyers prefer to buy the green beans and roast it themselves in Europe, it's cheaper and it's better to control the quality and level of the roasting.

[jacoporadice]

Great video! I love how the word ‘optimization’ always fits well every time taxation is involved in any industry 😂

[freakunit]

Is there a different tax different fornreusbale steel coils than scrap steel coils from europe into uk ?

[mpfvbfd]

Do you think this would work for China, especially in the food sector (dairy) ? Considering they have an extra complex layer (CIQ codes) and how stringent they are with foodstuffs

[Ryan-uvib]

Hi Damien, Struggling to find a code to get my product shipped from china to the UK, they seemed to of changed the codes to where alot of them you need a license to import, but this should not be the case for a simple ice pack. Is there a chance you code help me with an updated commodity code for a simple ice pack or hot and cold ice pack? Hope you can help