ISLAMABAD: The Federal Board of Revenue (FBR) has started budget preparation exercise for 2024-25.

In this regard, the FBR has sought budget proposals from all chambers of commerce and industry here on Monday.

According to the FBR’s instructions to the trade bodes, the FBR has asked the chambers and trade bodies to submit Customs-related budget proposals for 2024-25.

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The FBR has also sought Customs’ budget proposals from all chambers of commerce and industry, associations and individuals.

The Board has invited Customs-related budget proposals for the year 2024-25. These proposals may cover three areas i.e. changes in Customs tariff rates, changes in Fifth Schedule of Customs Act, Rules/Procedures and Customs Act, 1969.

In order to enable the Customs Wing to properly process and evaluate each proposal, three separate formats for preparing the proposals on MS Excel Sheets was suggested. It was also suggested that while formulating the proposals, provision of the existing Customs tariff rates/law may carefully be studied/consulted. Wherever required the proposal may be supported with the statistical data etc, so that it is not dropped on account of any such infirmity.

In case of local manufacturer claiming tariff protection on its finished products or concession on its raw materials, the proposal must contain details of the locally made products and imported raw materials. Whether this raw material is manufactured locally as well, plz provide the names/addresses of the main manufacturers and also state reason for not using locally available raw material, the FBR added.

It is requested that the proposals may be sent to the Board by March 1, 2024, the FBR added.

Copyright Business Recorder, 2024