The Harmonized Commodity Description and Coding System

Definition:

Commonly known as Harmonized System. It is a classification system devised by the Customs Cooperation Council to provide uniformity in tariff classification, trade statistics, and transport documentation among cooperating countries.

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Copyright © 2011 Campbell R. Harvey, Professor of Finance, Fuqua School of Business at Duke University

Term of the Day

Tax evasion

Illegal by reducing tax burden by underreporting income, overstating deductions, or using illegal tax shelters.

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