- The Federal Board of Revenue (FBR) has released a list of Harmonized System (HS) Products eligible for tax input adjustment.
- The list includes raw materials used in various sectors such as weaving, dyeing and printing, steel melters/re-rollers, oil and ghee, chemicals, cement, lead and batteries, and paper and paper board.
- The FBR aims to enhance transparency and efficiency in the taxation system by aligning input tax adjustments with essential raw materials.
- The list has been compiled after consultations with stakeholders and has undergone a thorough review process.
- Stakeholders have been invited to provide recommendations regarding the addition or deletion of items in the list by December 28, 2023.
- The FBR’s collaborative approach aims to create a fair and transparent tax framework that meets the needs of businesses.
- The release of the HS Code List is expected to provide clarity and consistency in claiming tax credits on raw materials.
- Manufacturers and stakeholders are encouraged to actively engage in the review process to contribute to a more effective tax regime.
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.
