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FBR seeks customs duty suggestions for budget 2021/2022

FBR seeks customs duty suggestions for budget 2021/2022

Karachi: Federal Board of Revenue (FBR) invited customs duty proposals for federal budget 2021/2022.

The FBR said that the proposals should cover three areas, i.e., changes in customs tariff rates, rules/procedures and Customs Act, 1969.

In a notification, the revenue body stated that it provided three different formats to enable the Customs Wing to process and evaluate each proposal properly.

“It is suggested that while formulating the proposals, provision of the existing customs, tariff rates/law may carefully be studied/consulted.

The FBR issued a separate annexure for local manufacturers claiming tariff protection on the finished product(s) or concession on its raw materials.

The FBR advised all the chambers of commerce and industry, association, and individuals to submit the proposals by February 10, 2021.