ISLAMABAD: The Federal Board of Revenue will not clear effective October 15, 2011 any consignments under the Afghanistan Pakistan Transit Trade Agreement (APTTA) until or unless insurance guarantee is submitted by Afghan importers for clearance of transit trade consignments.
A senior government official told Business Recorder here on Wednesday that the deferment period for not collecting insurance guarantee on the Afghan transit trade consignments has expired. Besides, the FBR had allowed clearance of all Afghan transit consignments without submission of insurance guarantee in cases where the Afghan importers have filed complete customs documents till October 14, 2011. From October 15, 2011 all consignments are subject to the condition of insurance guarantee. There is no further extension in the suspension period for not collecting insurance guarantee on the Afghan transit trade consignments under the APTTA.
Official added that the legal status for submission of insurance by the Afghan traders has been restored and no further extension is granted in this regard. To a question, sources added that the government is not considering any proposal to further extend the date for suspension of the decision for not collecting insurance guarantees under the APTTA.
Pakistani customs had already decided to examine up to 5 percent of the Afghan consignments as compared to previous practice of examining 20 percent consignments. Thus, 5 percent of the total Afghan consignments would be selected for physical examination under the Afghanistan Pakistan Transit Trade Rules. It was also decided that the containers loaded Afghan vehicles (left hand drive) would be scanned and cleared without physical examination.