ISLAMABAD: The Federal Board of Revenue (FBR) has sought customs budget proposals for 2023-24 from the business and trade. According to the FBR’s letter issued to all chamber of commerce and industry here on Saturday, the FBR has invited customs-related budget proposals for the fiscal year 2023-24. 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 Federal Board of Revenue (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, 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 it’s 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, FBR said.

It is requested that the proposals may be sent to the Board by March 1, 2023 positively, FBR added.

Copyright Business Recorder, 2023