The Federal Board of Revenue (FBR) has initiated the process for the upcoming fiscal year’s budget by inviting customs-related proposals for the financial year 2022/2023 from various stakeholders, including business chambers and associations.
This call for proposals encompasses changes in customs tariff rates, rules/procedures, and amendments to the Customs Act of 1969.
In a statement issued on Wednesday, the FBR emphasized the importance of engaging with stakeholders to gather insights and recommendations for shaping customs policies that align with the evolving economic landscape. The call for proposals is part of the FBR’s commitment to inclusivity and collaboration in the decision-making process.
To facilitate a comprehensive review and evaluation of each proposal, the FBR has provided three distinct formats. These formats are intended to assist the customs wing of the FBR in processing and assessing the potential impact and feasibility of proposed changes in tariff rates, rules, and the legal framework governing customs matters.
In the advisory, the FBR highlighted the need for careful consideration of the existing customs tariff rates and laws while formulating proposals. Stakeholders are encouraged to study and consult provisions of the current customs tariff rates and laws to ensure that proposed changes are well-informed and aligned with the existing regulatory framework.
To enhance the effectiveness of the proposals, the FBR advised stakeholders to support their submissions with statistical data or any other relevant information. This proactive approach aims to prevent potential issues or delays in processing proposals due to missing or insufficient information.
In cases where local manufacturers are claiming tariff protection on finished products or seeking concessions on raw materials, the FBR introduced a separate annexure for this specific category. The use of this provided format is deemed essential for processing proposals related to tariff protection and concessions, reinforcing the FBR’s commitment to a systematic and organized approach.
The deadline for the submission of proposals was not specified in the statement. However, stakeholders are encouraged to submit their proposals in a timely manner to allow for thorough consideration and analysis before the finalization of the budget for the fiscal year 2022/2023.
This initiative reflects the FBR’s commitment to transparency, openness, and responsiveness in the policymaking process. By actively seeking input from a diverse range of stakeholders, the FBR aims to create a more inclusive and effective customs framework that aligns with the needs of businesses, industries, and the broader economic environment.
Stakeholders, including business chambers and associations, are urged to actively participate in this process by submitting well-researched and comprehensive proposals, contributing to the formulation of customs policies that foster economic growth and sustainability.
