HS 850519 Other

HS code 850519 covers 'Other permanent magnets and parts thereof'. The duty rates can vary significantly depending on the importing country and any applicable trade agreements. For example, under the US tariff schedule, the Most Favored Nation (MFN) rate is 2.20% ad valorem. However, preferential rates may apply. For instance, under the US tariff schedule, goods originating from countries like Australia (AU), Canada (CA), Chile (CL), or South Korea (KR) might have a Free (0.00%) duty rate due to Free Trade Agreements. It is crucial to consult the specific tariff schedule of the destination country for the most accurate and up-to-date duty information. Sources like the US International Trade Commission (USITC) for the US, the EU TARIC database for the European Union, or the UK Trade Tariff for the United Kingdom are essential references.

The import duty for HS code 850519 is typically calculated on an ad valorem basis, meaning it's a percentage of the declared customs value of the goods. For instance, if the MFN duty rate is 2.20% and you are importing permanent magnets valued at $10,000 USD, the duty would be calculated as follows: Duty Amount = Declared Value × Duty Rate. Duty Amount = $10,000 USD × 2.20% = $10,000 USD × 0.022 = $220 USD. If the duty were based on a specific rate (e.g., per kilogram), the calculation would be Rate per Unit × Quantity. Always confirm the basis of duty calculation (ad valorem, specific, or compound) with the relevant customs authority.

HS code 850519 is a residual category for permanent magnets and parts thereof that are not specifically classified under other headings within Chapter 85, such as 8505.11 (permanent magnets of samarium-cobalt) or 8505.12 (permanent magnets of neodymium-iron-boron). To classify goods under 850519, they must meet the general definition of a permanent magnet (a magnet that retains its magnetism after the external magnetic field is removed) and be made of materials not specified in more precise subheadings. This often includes magnets made from ferrite, alnico, or other alloys. Importers must ensure the product is indeed a permanent magnet and not an electromagnet or a temporary magnet. The Explanatory Notes to the Harmonized System provide further guidance on the scope of heading 8505.

Many trade agreements can provide preferential duty rates, often resulting in a 0.00% duty. For example, under the USMCA (United States-Mexico-Canada Agreement), goods originating from Canada or Mexico may qualify for preferential treatment. Similarly, agreements between the US and countries like Chile, South Korea, or Australia can lead to duty-free entry. For the EU, agreements with countries like Switzerland or Norway might offer reduced or zero duties. To claim preferential treatment, importers typically need a 'Proof of Origin' document, such as a Certificate of Origin or a declaration on the invoice, completed by the exporter, certifying that the goods meet the rules of origin stipulated in the specific trade agreement. Consult the text of the relevant trade agreement and the importing country's customs regulations for precise documentation requirements.

Beyond the standard import documentation such as a commercial invoice, packing list, and bill of lading or air waybill, importing goods classified under HS code 850519 may require specific certifications depending on the importing country and the nature of the magnets. For instance, some countries may require declarations regarding the materials used in the magnets, especially if they contain restricted substances. If claiming preferential duty rates under a Free Trade Agreement, a valid Certificate of Origin or origin declaration is mandatory. Importers should also be aware of any potential safety or environmental regulations that might apply to the specific type of magnet being imported, which could necessitate additional testing or certification. Consulting the customs authority of the destination country is the best practice to determine all required documentation.