Trade Classification
/ˈtreɪd ˌklæsɪfɪˈkeɪʃən/
Definitions
- (n.) A system or process of categorizing goods, services, or commercial activities for legal, regulatory, or tariff purposes.
The customs authority uses trade classification to apply the correct import duties.
- (n.) The categorization of businesses or industries in legal and economic contexts for compliance, taxation, or statistical analysis.
Trade classification helps determine the regulatory requirements for the company.
Forms
- trade classification
- trade classifications
Related terms
See also
Commentary
Trade classification is critical in regulatory and customs law to ensure proper application of duties and compliance; precise terms help avoid legal disputes.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.