FBR invites customs proposals for budget 2021/2022

FBR invites customs proposals for budget 2021/2022

The Federal Board of Revenue (FBR) has opened the floor for customs duty proposals as part of the preparations for the federal budget for the fiscal year 2021/2022.

The FBR, in an official announcement on Friday, invited submissions covering three key areas: changes in customs tariff rates, rules/procedures, and amendments to the Customs Act of 1969.

According to the notification issued by the revenue body, interested parties, including chambers of commerce and industry, associations, and individuals, are encouraged to submit proposals that address these vital components of the customs framework. The call for proposals is a crucial step in the budgetary process, allowing stakeholders to contribute their insights and recommendations to shape the customs policies that will govern the upcoming fiscal year.

To facilitate a comprehensive review and assessment of each proposal, the FBR has provided three distinct formats. These formats are intended to assist the Customs Wing in evaluating the potential impact and feasibility of proposed changes in tariff rates, rules, and the legal framework governing customs matters.

The FBR stressed the importance of a thorough analysis of existing customs tariff rates and laws during the formulation of proposals. This suggestion underscores the need for proposals to be well-informed and take into account the current regulatory landscape to ensure practicality and effectiveness in implementation.

Of particular note is the provision of a separate annexure for local manufacturers seeking tariff protection on finished products or concessions on raw materials. This reflects a targeted approach to support and encourage domestic manufacturing, a key element in fostering economic growth and sustainability.

All concerned stakeholders have been advised to submit their proposals by February 10, 2021, allowing ample time for thorough consideration and analysis before the finalization of the budget. The FBR’s decision to seek input from a wide range of entities, including chambers of commerce and industry, demonstrates a commitment to inclusivity and a recognition of the diverse perspectives that can contribute to informed decision-making.

The call for customs duty proposals signals a proactive approach by the FBR to engage with the business community and other stakeholders in shaping policies that impact trade and commerce. As Pakistan navigates the economic landscape, these collaborative efforts are essential to strike a balance between revenue generation and supporting businesses for sustainable economic growth. Stakeholders eagerly anticipate the unveiling of the proposed customs changes in the upcoming budget, and the FBR’s openness to input reflects a commitment to transparency and responsiveness in the policymaking process.