The Federal Board of Revenue (FBR) has given deadline of April 20, 2017 to the stakeholders to give comments on the draft HS 2017 version of Pakistan Customs Tariff for accurate classification of imported goods for assessment of duties and taxes. It is learnt that the FBR has issued the draft HS 2017 version of Pakistan Customs Tariff and it is uploaded on FBR website for feedback/input of all the stakeholders which may be sent to Customs Wing of FBR up to April 20, 2017.

The new HS 2017 version of Pakistan Customs Tariff is expected to be issued in coming budget. According to sources, the HS 2017 version of Pakistan Customs Tariff has mentioned PCT codes and description of the items/goods. It has given description of 9,706 items of the Pakistan Customs Tariff. Sources said that Pakistan Customs follow the HS Code (Harmonised System Codes) or PCT Codes (Pakistan Customs Tariff Codes) for classification of goods. These codes consist of 8 digits where first two digits represent chapter and second 2 represent sub- chapter and after decimal place 4 digits represent code of item.

Copyright Business Recorder, 2017