The government has not suffered any significant revenue loss because of the tariff rationalization done in the budget (2022-23). The Federal Board of Revenue (FBR) has no objections to the NTC’s tariff rationalized in the new budget, says Robina Ather.
She added that customs duties had been decreased on importing packaging materials, dyes, and combined harvesters. The NTC chairperson also stated that the government has no significant revenue impact.
The World Customs Organization (WCO) updates its Harmonized Commodity Description and Coding System (HS) every five years to accommodate modern developments and changing trade patterns. The last HS version was updated in 2017, FBR Member Customs (Policy) said.
The current amendments to the HS nomenclature have entered into force on 1 January 2022. Since these amendments are required to be incorporated in the First Schedule to the Customs Act, 1969. Pakistan adopted the same by combining all of its latest amendments in the Pakistan Customs Tariff.