ISLAMABAD: The Federal Board of Revenue (FBR) has directed Customs agents/ brokers and transport operators in Pakistan to submit financial security in the form of bank guarantees for Afghan transit goods.
Under SRO 1396(I)/2023 issued by the FBR on Tuesday, the requirement of Revolving Insurance Guarantee for all Afghan Transit goods has been substituted by the FBR with a bank guarantee covering all import levies.
The Customs Department of Pakistan would agree to release goods against furnishing of a bank guarantee equal to the amount of duty/ taxes involved on the goods entering Pakistan.
The FBR issued a notification on Tuesday to introduce a draft of certain further amendments in the Customs Rules, 2001.
Under the revised rules for Afghan transit goods, the authorised customs agents, brokers or transport operators in Pakistan shall furnish financial security in the form of bank guarantee for goods destined for Afghanistan, from a scheduled bank, on the prescribed format (Appendix-IV) or any other form prescribed by the board which shall be valid for at least one year.
The bank guarantee shall be en-cashable in Pakistan, for guaranteeing the fulfilment of any obligation arising out of customs transit operations between Pakistan and Afghanistan.
The amount of bank guarantee for transit operations shall be determined by system on the basis of the assessment done by Customs Computerised System or assessing officer at the office of departure so that it covers all import levies, the FBR said.
The designated customs officer at the office of departure shall detach the bank guarantee and enter the particulars in the system.
The officer shall ensure that the bank guarantee submitted by the importer or his authorised customs agent has been issued by a scheduled bank and is en-cashable in Pakistan, and contents thereof are in conformity with the particulars of consignment against which it is being furnished.
The officer shall also ensure that the bank guarantee covers the duty and taxes involved on vehicles or goods and the amount being secured is accurate and as per the calculation assessed by the system or assessing officer, the FBR added.
Copyright Business Recorder, 2023