Imported goods: FBR issues updated classification codes

ISLAMABAD: In a major move to facilitate importers, the Federal Board of Revenue (FBR) has issued updated classification codes (HS codes-2022) for accurate classification/assessment of goods in line with the World Customs Organization (WCO) regime.

The FBR has issued the new transposition table of the PCT codes of the Pakistan Customs Tariff. A comparison of the Harmonized System i.e. HS-2017 and HS-2022 have been specified for accurate classification of imported goods.

In most of the cases, the PCT codes of HS-2017 and HS-2022 are the same, but the changes, modifications and additions have been mentioned in the new transposition table of HS-2022.

Under the new transposition table, the FBR has specified PCT-Code, WTO bound rates, reference, description, customs duty, unit of measurement, type of change and remarks etc.

As per new transposition table, the FBR has specified existing PCT codes, any new PCT headings, change in description under the HS-2022.

Imported goods: FBR going for process of virtual assessments

The FBR has correlated the 2017 and 2022 editions of the Harmonized System, as drawn up by the World Customs Organization’s Secretariat in accordance with instructions received from the Harmonized System Committee.

This has been done for the sole purpose of facilitating implementation of the 2022 edition of the Harmonized System.

Copyright Business Recorder, 2022