The Federal Board of Revenue (FBR) has extended date from January 31, 2017 to February 20, 2017 for submission of budget proposals pertaining to the customs department by the chambers, trade bodies and associations for 2017-18. It is learnt that the FBR has also extended date till Feb 20 for Collectors of Customs for submission of budgetary proposals for next fiscal year. The dates for submission of proposals by chambers, trade bodies and associations have been extended to facilitate the business community in submission of customs duty related proposals for next fiscal year.

The proposals have been sought from the chambers of commerce and Industry as well as from field offices of FBR regarding tariff rationalization, changes in duty structure, customs policy changes and protection of local industries.

The FBR has also advised that the proposals should be made keeping in view the consequences for the other related trade groups which might be adversely affected by the proposed measures. Earlier during the beginning of January, the FBR initiated process for formulation of proposals for the budget of upcoming financial year 2017-18.

Copyright Business Recorder, 2017