Islamabad, Nov 22: The Federal Board of Revenue (FBR) has introduced new regulations requiring Iranian transport operators to submit bank guarantees for goods transshipped from Taftan to NLC Dry Port, Quetta. This update, detailed in SRO.1913(I)/2024 issued on Friday, modifies the Customs Rules, 2001.
Under the agreement between Pakistan and Iran on Bilateral Road Transportation of Goods, Iranian carriers must provide a bank guarantee equal to the customs duties and taxes levied on transshipped goods.
The Collectorate of Customs Appraisement, Taftan, will determine the guarantee amount as per clause (7) of Article 7 of the 1987 Agreement.
The revised rules state that misuse of transshipment facilities by Iranian carriers will result in the forfeiture of the bank guarantee, alongside penalties under the Customs Act and related regulations.
