ISLAMABAD, Jan 25: Federal Board of Revenue (FBR) has initiated process of inviting proposals for upcoming budget for the fiscal year 2019-20 by seeking customs related suggestions from stakeholders.
The board has sent letter to all chambers of commerce and industry, associations and individuals, inviting them to send their proposals on customs related matters particularly in the areas including customs tariff rates, Rules/Procedures and Customs Act 1969.
The proposals could be sent by February 28.
The FBR has developed three separate and comprehensive forms in order to enable the Customs Wing of the board to properly process and evaluate each proposal.
The stakeholders have been asked to mention provision of existing customs tariff rates/law while formulating the proposals. Besides, wherever required, the proposals may be supported with the statistical data so that it is not dropped on account of any such infirmity.
In case of local manufacturer, claiming tariff protection in its finished product(s) or concession on its raw material, complete details products should be provided as defined in one of the forms provided by FBR.