International transport operators: FBR revises minimum requirements, conditions

ISLAMABAD: The Federal Board of Revenue (FBR) has revised the minimum requirements and conditions for transport operators engaged in the International Transport of Goods through Pakistan under the “Transports Internationaux Routiers” (TIR) rules.

The FBR has amended the Customs Rules 2001 through SRO 1433 issued here on Tuesday to revise the eligibility criteria of transport operators under the TIR procedure.

According to the revised rules, the following minimum requirements and conditions are to be complied with by persons for admission to the TIR procedure: Under the previous law, the transport operator should have a sound financial standing with audited bank statements and balance sheet for the last three years.

Under the new law, the transport operator should have a sound financial standing with certified bank statements and last audited accounts with filed returns.

In case of a newly-formed or converted entity to private limited, the applicant entity shall provide a certificate of sound financial standing and bank statement from recognised scheduled bank, along with a legal undertaking to provide audited financial statements of three years of registration, as a limited (ltd) company, after the completion of two years.

This should also include the entity’s existing tax NTN registration of the entity or its principal proprietor/applicant.

As per previous law, the transport operator should have to furnish a supplementary financial guarantee to the association in the form of bank guarantee of 15 million rupees or defence saving certificates of the equivalent amount.

Under the new law, the transport operator should have to furnish a supplementary financial guarantee to the association in the form of insurance guarantee (from an “A” rated insurance company) as given above in rule 689, of 15 million rupees or defence saving certificates of the equivalent amount in terms of clause (xxvi) of sub-rule (1) of rule 689 in favour of director, Directorate of Transit Trade, Pakistan Customs, Karachi.

Under the previous law, the transport operator should submit attested copies of valid registration and vehicle fitness certificate issued or validated by the National Highways and Pakistan Motorway Police.

Under the new law, the transport operator should submit attested copies of valid registration and vehicle fitness certificate issued by designated standard inspection facilities for validation by the National Highways and the Motorways Police.

Copyright Business Recorder, 2021