Karachi, January 22, 2025 – The Federal Board of Revenue (FBR) has officially invited stakeholders to submit their proposals concerning customs duty adjustments for the upcoming federal budget of 2025-26. This call aims to gather suggestions from industry representatives, associations, and businesses to help shape the customs duty framework for the coming fiscal year. In a bid to streamline the submission process, the FBR has provided a detailed format to facilitate stakeholders in offering their proposals related to customs duties. The proposals can cover a wide range of topics, including changes to customs tariff rates, updates to the customs rules and procedures, and potential amendments to the Customs Act of 1969. The first section of the format focuses on changes in customs tariff rates. Stakeholders are invited to present their suggestions for new or adjusted tariff codes, specifying the existing rate of duty for 2024-2025 and the proposed rate for 2025-26. They are also required to provide justifications for the proposed changes and quantify the benefits these alterations may bring to consumers or industries. This section allows for a direct discussion of how tariff adjustments might enhance competitiveness or protect local industries from unfair competition. The second section addresses proposed changes in customs rules and procedures. Stakeholders are encouraged to identify existing rules that they believe need modification, alongside proposed amendments, and provide a brief rationale for the changes. This part also allows for…