KARACHI: The Directorate General of Transit Trade is mulling over inducting some changes in the Afghan Transit Trade (ATT) rules.
The Directorate General of Transit Trade recently called a meeting of bonded carriers’ representatives in which some recommendations were presented and discussed.
The Pakistan Customs authorities recommended that revolving guarantee is going to be introduced in the Afghan transit cargo in place of bank guarantee.
Describing the proposal, sources said that the customs authorities were planning to replace bank guarantee with the revolving guarantee, having 10 percent of the total amount of duty/tax involved in the Afghan Transit Trade cargo.
“The Directorate General of Transit Trade is preparing a draft in order to bring changes into the Afghan Transit Trade (ATT) and will send it to the Federal Board of Revenue (FBR) for approval,” sources added.
Several meetings would also be convened with the representatives of the bonded carriers in order to discuss the matter in detail. However, the draft is in its initial stage and needs more time to be finalised.
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