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of <h1>Finance Act 2023 Updates Customs Tariff: New and Omitted Lines Affect Importers, Exporters; Compliance Required by May 1.</h1> The Finance Act 2023 introduces changes to the Customs Tariff effective from May 1, 2023, impacting importers, exporters, and trade members. New tariff lines have been added, and some existing ones have been replaced or omitted. Consequently, updates have been made to the system to accept valid Customs Tariff Headings (CTHs) from the effective date. Declarations in documents such as Bills of Entry and Shipping Bills must now use the new CTHs. Over 146 new tariff lines are added, and 54 omitted, requiring manual checks for compliance. Discrepancies should be reported to the designated contact.
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