ISLAMABAD: The Federal Board of Revenue (FBR) has started budget preparation exercise for 2022-23. In this regard, the FBR has issued a letter to all Chamber of Commerce and Industry seeking customs-related budget proposals for 2022-23.

According to the FBR, the Board invite customs-related budget proposals for the year 2022-23. These proposals may cover three areas i.e. changes in Customs Tariff rates, 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 IR for preparing the proposals on MS Excel sheets.

The FBR has 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.

Copyright Business Recorder, 2022