We are very pleased that the World Customs Organization (WCO) has recognized the amusement industry as its own class and we look forward to positive changes regarding attractions equipment soon. IAAPA successfully appealed the WCO concerning tariff classification of attractions equipment over a three-year period. The appeal will result in the largest change to the Harmonized Code System in more than 20 years.
What It Means for You
This month’s Funworld details the impact of the changes: “Due to an outdated tariff classification system, many companies pay increased tariffs to import ride equipment into their countries. For more than 50 years, attractions equipment has been classified as a consumer good in a miscellaneous category in the “Toys, Games, and Sporting Goods” chapter. IAAPA’s appeal assigns unique Harmonized System (HS) codes for the import/export of attractions equipment, allows for tracking of global market trends, and clearly designates attraction equipment as capital goods.” The changes have a global impact, particularly in Latin America and Asia. (Read the full article in Funworld.)
What’s Next
The WCO Council has approved IAAPA’s proposal and we are now in month two of a six-month objection period. The changes are set to be included in the next published Harmonized System in January 2022. IAAPA will be sharing any additional details in early 2020.
