KARACHI: Federal Board of Revenue (FBR) exempted foreign aid agencies from the requirement of submitting financial security for cargo to be cleared under Afghan transit trade, sources in Pakistan Customs said on Friday.
The sources said the FBR relaxed the condition of submitting financial security in shape of insurance guarantee for non-commercial consignments. There is a mandatory requirement of producing exemption certificate for clearance of such goods.
Diplomatic missions, Afghan government, non-government organisations, United Nations agencies and European Commission import non-commercial goods.
The goods are not considered as non-commercial if the cargo belongs to US army, International Security Assistance Force, North Atlantic Treaty Organization or other military forces stationed in Afghanistan.
Customs’ sources said the government for the first time imposed the condition of financial guarantee on February 24, 2014 for transit under customs computerised system.
The sources added that goods destined to Afghanistan were allowed duty and tax exemptions, but the condition was imposed to prevent misuse the facility under transit trade.
Under the prevalent laws, the Afghan importer of goods or authorised customs agents, brokers or transport operators in Pakistan are required to furnish financial security in the form of insurance guarantee for goods destined for Afghanistan to ensure the fulfillment of any obligation arising out of customs transit operation between Pakistan and Afghanistan.
The FBR also increased the routes for transit trade from 9 to 10 to facilitate the trade movement between Karachi to Torkham. Routes include Karachi/Port Qasim, Jamshoro-Hyderabad, Sukkur, DG Khan, DI Khan, Kohat, Azakhel, Peshawar and Jamrud Terminal Torkham.
Sheikh argued that the government should have maintained stable petroleum prices
MARI has successfully drilled and tested the third appraisal well in the Ghazij formation in the Mari D&PL
Gold rates decreased by $17 to $2,395 per ounce in the international market
Company's revenue saw a 13.9% year-on-year increase, reaching Rs49.2 billion, up from Rs43.19 billion in the same...
A man counts US dollars in a money exchange shop in Dhaka. — AFP/FileLAHORE: The first thing that the government...
Power generation stood at 8,741 gigawatt-hours or 11,749 megawatts in March