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FBR starts budget preparation exercise for 2022-2023

The Federal Board of Revenue (FBR) has started budget preparation exercise for 2022-2023. In this regard, the FBR has issued a letter to all Chamber of Commerce and Industry seeking customs-related budget proposals for 2022-23.

According to the FBR, the Board invite customs-related budget proposals for the year 2022-23. These proposals may cover three areas i.e. changes in Customs Tariff rates, Rules/Procedures and Customs Act, 1969.

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In order to enable the Customs Wing of the FBR to properly process and evaluate each proposal, three separate formats are attached as Annex-I, II, and IR for preparing the proposals on MS Excel sheets.

The FBR has 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.

Federal Board of Revenue (FBR) on Wednesday invited customs related proposals for budget 2022/2023 from stakeholders including business chambers and associations. The FBR said that the proposals should cover three areas i.e. changes in customs tariff rates, rules/procedures and Customs Act, 1969.

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In order to enable the customs wing of the FBR to properly process and evaluate each proposal, three separate formats have been provided. The FBR advised that while formulating the proposals, provisions 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 it’s finished products or concession on its raw materials, then they should use a separate annexure which is provided along with the other annexures. Without this format it will not be possible to process these types of proposals, the FBR added.

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