Mohsin Siddiqui (Chief Reporter)

The Federal Board of Revenue (FBR) has initiated the budget preparation process for the fiscal year 2024-25. As part of this endeavor, the FBR has called upon all chambers of commerce and industry to submit their budget proposals. The announcement was made on Monday.

In accordance with the FBR’s directives to trade bodies, chambers, and associations, the focus of the proposals is on Customs-related matters for the upcoming fiscal year. Entities are urged to provide suggestions and recommendations concerning changes in Customs tariff rates, the Fifth Schedule of the Customs Act, Rules/Procedures, and the Customs Act of 1969.

To facilitate the evaluation process, the FBR has introduced three separate formats in MS Excel Sheets for preparing the proposals. It’s advised that while formulating these proposals, careful consideration is given to the existing Customs tariff rates and laws. Additionally, proposals should be supported with relevant statistical data to ensure their validity.

For local manufacturers seeking tariff protection or concessions on raw materials, detailed information must be included in the proposals. This includes particulars about locally manufactured products, imported raw materials, and reasons for not utilizing locally available raw materials. Manufacturers are also requested to provide the names and addresses of main local manufacturers, if applicable.

The FBR has set a deadline for the submission of proposals by March 1, 2024. Entities are encouraged to adhere to this timeline for timely processing and consideration by the Board.