- The Federal Board of Revenue (FBR) has extended the deadline for submitting recommendations for the Harmonized System (HS) Code List until January 10, 2024.
- The extension is to allow stakeholders more time to contribute their insights on the proposed HS Code List for input adjustments.
- The FBR had initially invited suggestions and recommendations for the HS Code List on December 14, 2023.
- The goal is to create a positive list of inputs, goods, and services associated with key sectors vital to the economy.
- The FBR has consulted extensively with stakeholders and industry representatives to ensure the list reflects the actual requirements and dynamics of each sector.
- Stakeholders are encouraged to review the released list and provide recommendations for additions or deletions.
- The FBR aims to address potential gaps in the proposed list and make necessary adjustments based on stakeholder input.
- The release of the HS Code List is expected to provide clarity and consistency in claiming tax credits on essential raw materials.
- The FBR’s initiative demonstrates a commitment to creating an environment conducive to economic growth and development.
Source: pkrevenue.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
