ISLAMABAD: The Federal Board of Revenue (FBR) has started process of gathering customs duty proposals for the upcoming budget of 2024-25, inviting input from all chambers of commerce and industry.
In a statement, the FBR set a deadline of March 1, 2024, urging stakeholders to submit their recommendations.
The call for proposals covers three key areas: changes in Customs Tariff rates, including the 5th Schedule, amendments to Rules and Procedures, and modifications to the Customs Act of 1969. The FBR emphasizes the importance of engaging with industry representatives to ensure a comprehensive and well-informed approach to custom duty adjustments.
To streamline the submission process and facilitate a thorough evaluation of each proposal, the FBR has provided three distinct formats for preparing recommendations. These formats are designed to address the specific requirements of Customs Tariff rates, Rules/Procedures, and amendments to the Customs Act. Stakeholders are encouraged to use these designated formats to ensure clarity and efficiency in the review process.
In its announcement, the FBR highlights the importance of a meticulous approach to proposal formulation. It advises stakeholders to carefully study and consult the existing customs tariff rates and laws while preparing their recommendations. Furthermore, proposals should be supported by relevant statistical data to enhance their credibility and prevent potential discrepancies during the evaluation.
For local manufacturers seeking tariff protection on finished products or concessions on raw materials, the FBR has introduced a dedicated annexure. The completion of this annexure is deemed essential for the processing of such proposals. The FBR stresses that failure to submit the required annexure may hinder the evaluation process for proposals related to tariff protection or concessions on raw materials.
The process of gathering customs duty proposals is a crucial step in the budgetary planning for the fiscal year 2024-25. By inviting input from chambers of commerce and industry, the FBR aims to ensure a collaborative and inclusive decision-making process. This approach aligns with the government’s commitment to transparency and stakeholder engagement in shaping fiscal policies that impact various sectors of the economy.
Stakeholders are encouraged to actively participate in this opportunity to contribute their insights and recommendations for customs duty adjustments. The FBR remains committed to a fair and comprehensive evaluation of the proposals received, ultimately working towards a budget that reflects the needs and priorities of the business community and contributes to the economic growth of the country.
