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 FBR starts budget preparations, seeks tax proposals from business community

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PostSubject: FBR starts budget preparations, seeks tax proposals from business community   Fri 13 Mar 2015, 6:35 am

ISLAMABAD: The Federal Board of Revenue (FBR) has started the budget preparations for 2015-16. The board is also seeking taxation proposals from business community along with changes in customs tariff for protection of local industry in the Finance Bill (2015-16). The FBR has given directions to the field formations and all chambers of commerce and industries in this regard.
According to the FBR instructions to the Collectors of Customs, the FBR has invited customs related budget proposals for the year 2015-16. These proposals may cover three areas, ie, changes in customs tariff rates, rules/procedures and Customs Act, 1969.
In order to enable the Customs Wing of the Federal Board of Revenue (FBR) to properly process and evaluate each proposal, three separate formats have been suggested for preparing the proposals. It is suggested that while formulating the proposals, provision of the existing customs tariff law may carefully be 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 finished products or concession on raw materials, it will not be possible to process these types of proposals. The FBR has asked the business community to submit proposals for changes in customs tariff rates. The data included name of proposing individual/association/chambers; Pakistan Customs Tariff (PCT) code; description, proposed PTC code; existing rate of duty 2014-15; and proposed rate of duty 2015-16.
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