ISLAMABAD: The Pakistan Customs Wing has published draft Harmonized System Codes (HS) of the Pakistan Customs Tariff for year 2017 to get feedback/input of stakeholders on description of import duties on 9,706 items.
The new HS 2017 version of the Pakistan Customs Tariff which was expected in coming budget uploaded earlier the last week on the official website of the Federal Board of Revenue (FBR) for the stock holders to comment on it till 20 April.
According to sources, the HS 2017 version of the Pakistan Customs Tariff has mentioned Pakistan Customs Tariff Codes (PCT) and description of the goods which will be passed out after an end of the said date.
The Draft HS 2017 version was to inform the stakeholders to give comments in order to further clarify the sections and impose tax on these entities, the sources said.
The Federal Board of Revenue (FBR) has given deadline of April 20, 2017 to the stakeholders for giving suggestions on the draft HS 2017 version of Pakistan Customs Tariff for accurate classification of imported goods for assessment of duties and taxes on them.
The input of the stakeholders which was required might be sent to the Customs Wing of the FBR up to April 20, 2017 after which further procedure will be adopted to amend the draft and prepare it for the budget.
The draft contains entities with a code that no such item will be imported after having the same code with the exporters.
The Pakistan Customs follow the HS Code (Harmonized System Codes) or PCT Codes (Pakistan Customs Tariff Codes) for description of goods, these codes consist of eight digits where first two represent chapter and second two represent sub-chapter and after decimal place four digit represent code of item.
These codes consist of eight digits where first two digits represent chapter and second two represent sub-chapter and after decimal place four digits represent code of the item. Such like the codes 9613.8010 represent the position of lighters used with motor cars of heading 8703 and 9613.8020 describe the lighter for other motor cars and vehicles.
