The Ministry of Commerce (MoC) has opened the floor for budget proposals for the fiscal year 2022/2023, specifically focusing on potential changes in customs tariff rates.
This initiative aims to gather insights and recommendations from stakeholders to enhance and refine the existing tariff structure.
In a statement released today, the MoC announced that it is inviting budget proposals related to customs tariff rates and has outlined a structured approach for submission. The Tariff Policy Center (TPC) / Tariff Policy Wing (TRP) of the ministry will be responsible for processing and evaluating each proposal. To streamline the submission process, the MoC has provided specified formats for the proposals, conveniently available in MS Excel sheets.
Stakeholders, including industry representatives, business entities, and trade associations, are encouraged to actively participate in this consultation process. The ministry emphasized the importance of a thorough understanding of the existing Customs Tariff while formulating proposals. This step ensures that the proposals align with the current regulatory framework and contribute positively to trade and commerce.
To facilitate a comprehensive evaluation, stakeholders have been urged to support their proposals with relevant statistical data or any other necessary information. This measure is intended to prevent the exclusion of proposals due to insufficient or incomplete details.
Local manufacturers seeking tariff protection for finished products or concessions on raw materials are particularly advised to adhere to the given format and provide complete data substantiating their claims. This meticulous approach ensures that proposals are well-founded and can be effectively considered during the evaluation process.
The deadline for submission of proposals has been set for February 28, 2021. The ministry encourages stakeholders to submit their recommendations within this timeframe to allow for thorough review and consideration.
This call for budget proposals underscores the government’s commitment to fostering a collaborative and consultative approach in the formulation of economic policies. By actively seeking input from stakeholders, the MoC aims to ensure that the budgetary decisions regarding customs tariff rates reflect the needs and aspirations of the diverse sectors of the economy.
The consultation process serves as a platform for open dialogue between the government and the business community, promoting transparency and inclusivity in policy-making. The outcomes of this initiative are expected to contribute to a more responsive and adaptive tariff framework that aligns with the evolving dynamics of trade and industry in the country.
