The Tripoli-based Ministry of Economy has ordered that all Libyan importers must use the Harmonized Commodity Description and Coding System (HS), according to a report from Libya Herald.
The HS is an internationally standardized system of names and numbers to classify traded products, which has been developed and maintained by the World Customs Organization (WCO).
It must be used in all Pro Forms Invoices as part of import licences or Letters of Credit as of the start of October.
The move is seen as a further attempt by the Libyan authorities to fight FX fraud and money laundering.
(Source: Libya Herald)
(Imports image via Shutterstock)
