ISLAMABAD: The Federal Board of Revenue (FBR) has sought customs budget proposals for 2025-26 from field formations and business community.
According to the FBR’s letter issued to all stakeholders here on Wednesday, the FBR has invited customs-related budget proposals for the fiscal year 2025-26.
“Customs Budget exercise for FY 2025-26 has been initiated and Customs Budget section has requested the field formations as well as stakeholders to send their budget proposals latest by February 15, 2025. In order to facilitate the stakeholders, it is requested that instructions as well as formats (annexure) for budget proposals may be uploaded on the FBR website. Soft copies of the said documents have been handed over to the Web Master. This has been issued with the approval of Chief (Tariff & Trade), Customs Wing, FBR,” the FBR added.
A tax official informed these proposals may cover three areas i.e. changes in customs tariff rates including Fifth Schedule, Rules/Procedures and Customs Act, 1969.
In order to enable the Customs Wing of the FBR to properly process and evaluate each proposal, three separate formats are attached as Annex-I, II and III for preparing the proposals on MS Excel Sheets, the FBR requested the business community.
It is suggested that while formulating the proposals, provision of the existing customs tariff rates/law may carefully be studied/consulted. Wherever required the proposal may be supported with the statistical data etc, so that it is not dropped on account of any such infirmity. In case of local manufacturer claiming tariff protection on its finished products or concession on its raw materials, complete Annex-IV (local industry giving proposals for protection/concession) also, without which it will not be possible to process these types of proposals, the FBR official added.
It is requested that the proposals may be sent to the board by February 15, 2025 positively, the FBR added.
Copyright Business Recorder, 2025
Comments