ISLAMABAD (February 22 2003) : The Central Board of Revenue (CBR) has decided to review all the Customs exemptions, tariff rationalisation and reduce huge compendium of Customs SROs in the next budget, official sources told Business Recorder on Friday.
The Customs budget wing has started preparing working papers for the upcoming budget in the light of existing policy guidelines.
The tariff rationalisation includes deletion/creation of three dot and four dot tariff lines and rationalisation of tariff lines in the forthcoming budget.
Maximum reduction in the number of SROs would be made by rescinding notifications, merging SROs, placing notifications in Chapter 99 of the Pakistan Customs Tariff and placing SROs in Chapter 88 of PCT (for conditional exemption).
Furthermore, the authorities would also made amendments in the Customs Act, 1969 to amend some sections of the act.
The CBR has given March 15 deadline to the Customs collectors to submit budget proposals.
Each proposal must contain provisions relating to current Import Policy and Customs Act. The Customs tariff structure would be thoroughly examined while formulating the proposals, the CBR added.