The Federal Board of Revenue (FBR) has invited customs related budget proposals for fiscal year 2019/2020.
The Federal Board of Revenue (FBR) has extended an invitation to the business community, chambers of commerce and industry, trade associations, and individuals to submit customs-related proposals for the upcoming federal budget of 2019/2020. In a statement released on Friday, the FBR outlined the areas of focus for these proposals, emphasizing potential changes in Customs Tariff rates, Rules/Procedures, and amendments to the Customs Act of 1969.
To facilitate a comprehensive and efficient review process, the FBR has prescribed three separate formats for the submission of proposals. The Customs Wing of the FBR seeks input from stakeholders in a structured manner, allowing for a thorough evaluation of each proposal.
The revenue authority stressed the importance of proposals being well-informed and backed by a careful consideration of the existing customs tariff rates and laws. The FBR encourages stakeholders to study and consult the current framework before formulating their proposals, ensuring a well-rounded understanding of the existing regulations.
In a bid to enhance the credibility of the proposals, the FBR has advised that statistical data and any other relevant information should accompany the submissions where necessary. This approach aims to prevent the rejection of proposals due to insufficient supporting data or any other deficiencies.
For local manufacturers seeking tariff protection for their finished products or concessions on raw materials, the FBR has mandated the completion of prescribed forms. The submission of these forms is deemed essential for the processing of such proposals. The FBR has urged local manufacturers to ensure the completeness of the provided forms to avoid any hindrance in the evaluation process.
The business community is encouraged to actively participate in this collaborative effort by submitting their customs-related proposals before the deadline. The FBR has set February 28, 2019, as the cutoff date for the submission of these proposals, signaling the urgency and importance of timely engagement.
This call for customs-related proposals reflects the government’s commitment to inclusivity and open dialogue in the policymaking process. By involving stakeholders in the formulation of customs-related policies, the FBR aims to address the concerns and requirements of the business community, fostering an environment conducive to economic growth and development.
As the FBR prepares to navigate the intricacies of the upcoming budget, the active participation of the business community is integral to the development of well-informed and effective customs policies. The collaborative approach between the government and the private sector is poised to contribute to a more transparent and responsive regulatory framework, ultimately benefiting the broader economic landscape of Pakistan.
