LAHORE: The Federal Board of Revenue (FBR) has urged the stakeholders to examine the new Harmonised System (HS) version 2022 and communicate changes by 20th April, launched by the World Customs Organisation (WCO).

It may be noted that the international harmonized commodity description and coding system, usually known as HS, is amended and updated by the WCO after every five years. The WCO has launched HS 2022 version with effect from 1st of January 2022. Pakistan being a signatory to the HS conversion is obliged to adopt it after due parliamentary approval.

The Customs wing of the Board has completed transposition exercise (from HS 2017 to HS 2022) and the new version of HS nomenclature has been uploaded on the FBR’s website. In case the updated HS version is found in order, said a communication, all the stakeholders are requested to review and update their notifications/ laws/ policies, as the HS codes have been used to bring them in line with the new HS version 2022 from 1st January 2022.

Copyright Business Recorder, 2022