The Federal Board of Revenue (FBR) has asked the business community to submit customs related budget proposals including changes in Customs Tariff rates, Rules/Procedures and Customs Act, 1969, and measles for protection of domestic industries for budget (2020-21).
The FBR has given a deadline of Feb 10, 2021, to the investors, importers/exporters, local industries, and manufacturers to submit their customs related budget proposals.
According to the FBR’s letter to all Chamber of Commerce and Industry, Associations, and Individuals issued here on Friday, these proposals may cover three areas i.e. changes in Customs Tariff rates, Rules/Procedures and Customs Act, 1969.
The FBR has also asked the local industry to give proposals for protection/concession through customs tariff protection measures in the budget (2020-21).
In order to enable the Customs Wing of the Federal Board of Revenue (FBR) to properly process and evaluate each proposal, three separate formats as AnnexI, II, and III for preparing the proposals on MS Excel Sheets (Please do not use any other format).
The FBR said that it is 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 a local manufacturer claiming tariff protection on its finished product(s) or concession on its raw materials, please complete Annex-IV also, without which it will not be possible to process these types of proposals.
It is requested that the proposals may be sent to the Board by February 10, 2021, positively through e-mail [email protected], FBR added.