FBR seeks budget proposals

By our correspondent

KARACHI: The Federal Board of Revenue (FBR) on Wednesday sought the next budget proposals about the tariff protection on finished products or raw material concessions from local manufacturers.

The FBR, in a statement, advised manufacturers to provide complete details of locally made products, including price of finished goods, annual production, installed capacity, annual sales and country’s annual demand as well as quantity of commercially imported competing products along with cost and freight (C&F) value.

“In case of raw material imports, local producers are advised to provide details regarding annual quantity consumed, C&F value along with rate of duty and taxes as well as any alternative use of the raw material/item, on which concessions are being sought,” said the statement.        

FBR has also advised all the customs formations to furnish their budget proposals for the year 2016-17 by January 25, 2015.

The apex tax authority also invited budget proposals regarding amendments in customs tariff rates, rules/procedures and Customs Act, 1969 from all the chief collectors.

“Proposals’ formulation and provision of the existing tariff/law should be carefully consulted and the proposals should be supported with the statistical data so that the proposals may not be dropped on account of any infirmity,” it said.