Taftan border to NLC Dry Port: Bank guarantees made mandatory for Iranian carriers

ISLAMABAD: Iranian transport operators have been bound to submit bank guarantees to Pakistani customs authorities on goods meant for transshipment through Iranian carriers from Taftan border to NLC Dry Port, Quetta.

The Federal Board of Revenue (FBR) has amended Customs Rules, 2001 through an SRO.1913(I)/2024 issued on Friday.

According to the notification, in case of transshipment of goods through Iranian carrier from Taftan to NLC Dry Port, Quetta, the Iranian transport operator shall furnish a bank guarantee equivalent to the amount of leviable customs duties and taxes on goods meant for transshipment, as determined by the Collectorate of Customs Appraisement, Taftan, in terms of clause (7) of Article 7 of the Agreement on Bilateral Road Transportation of Goods between the Government of Pakistan and Iran, 1987.

Duties, taxes on transhipment: Bank guarantees mandatory for Iranian transporters

The amount of bank guarantee shall be forfeited apart from other consequential penal action under the Customs Act, and the rules made thereunder, if the Iranian carrier misuses the facilities of the transshipment of the imported goods, FBR revised rules added.

Iranian carriers have been defined in Article 2 of the Agreement on Bilateral Road Transportation of Goods between the government of Pakistan and Iran.

Copyright Business Recorder, 2024