F.P. Report
ISLAMABD: Federal Board of Revenue (FBR) made amendments to the Customs Act 2001, stringent the rules between Pakistan and Afghanistan transit trade, on Saturday.
The notification issued by FBR stated that the financial security condition has been imposed on goods for the Pak-Afghan transit trade, these new conditions will be applicable to importers, customs agents, brokers, and transport operators.
According to the new conditions, the financial security for the transit operation will be provided through authorized bank guarantees. These guarantees will be valid for at least one year and can easily be cashable within Pakistani borders.
Notably, the bank guarantee will cover the taxes and duties applicable on vehicles and goods involved in the transit.
The FBR officials stated that the aim of these new conditions is to provide financial security to the Paksitan-Afghanistan transit operation.
The customs computerized system will be employed to monitor the goods transported to Afghanistan, this system will facilitate the efficient tracking and management of transit cargo, enhancing transparency and reducing the risk of illicit trade activities.
As per the notification, it has been mandated that, after the declaration, a minimum of 25 percent of transit goods will undergo the scanning procedures, meanwhile, the risk management system will be deployed to inspect at least 10 percent of goods from the total consignments.
After getting clearance from the customs computerized system, the goods will proceed to their respective terminals for delivery and sealing.
