FBR Begins Budget Preparation Exercises for FY23

Starting its budget preparation exercises for the fiscal year (2022-23), the Federal Board of Revenue (FBR) has sought customs-related proposals from all the Chambers of Commerce and Industry by March 31, 2022. In this regard, FBR has issued a letter to all Chambers and invited their proposals which may cover three areas i.e. changes in Customs Tariff rates, Rules/Procedures, and Customs Act, 1969. In order to enable the Customs Wing of FBR to properly process and evaluate each proposal, three separate formats have also been sent to the Chambers for preparing the proposals on MS Excel Sheets. FBR has suggested that the provision of the existing customs tariff rates/law may carefully be studied/consulted while formulating the proposals. The proposal, wherever required, may be supported with the statistical data, etc so that it is not dropped on account of any such infirmity.