ISLAMABAD: The Federal Board of Revenue (FBR) has requested all the stakeholders to send their customs-related budget proposals to the board by January 31, which would be incorporated in the budget for the fiscal year 2018-19.
“Customs Budget exercise for FY 2018-19 has been initiated and Customs Budget section has requested all stakeholders to send their budget proposals latest by 31st January 2018, official sources said. To enable Custom Wing to properly process and evaluate each proposal, the board has designed three separate MS Excel formats to facilitate the stakeholders.
The stakeholders have been requested to send their proposals through e-mail. The three forms designed by the board ask for suggestions related to changes in customs tariff rates, rules and procedures as well as changes in customs act 1969, according to an FBR notification.
On changes in customs tariff rates, the stakeholders have been asked to propose existing rate of duty during the fiscal year 2017-18 and thereby suggest new rates for FY 2018-19 by giving justification and rational for the change.
On rules and procedure side, the stakeholders have been asked to suggest change in existing rules and have also been asked to suggest amendment in the Customs Act 1969.
It is pertinent to mention here that earlier during the first week of January; the board had sought proposals from all the stakeholders for upcoming Budget 2018-19, urging that the suggestions must reach the board by January 18 as it was engaged in formulation of proposals for Finance Bill 2018.
The board had requested the stakeholders to give their input and suggestions in a specific format developed by the board.
The stakeholders were requested to give their proposals for improvement in tax laws, broadening of tax base for wider participation in revenue generation efforts, enhancement of tax to GDP ratio, generation of revenue and facilitation of taxpayers.