Karachi: The federal government has made insurance guarantee mandatory for clearance of DAP going to Afghanistan under transit trade and the Federal Board of Revenue (FBR) has issued a notification.
The notification issued by the FBR states that this decision has been taken under the powers vested in it under the Customs Act 1969, Sales Tax Act 1990, Federal Excise Act 2005 and Income Tax Ordinance 2001.
The notification issued by the FBR has promulgated amended customs rules stating that insurance guarantee will be paid for the shipment of Di-Ammonium Phosphate (DAP) to Afghanistan.
Under the notification, clearance of DAP sent to Afghanistan via Gwadar Port will not be possible unless an insurance guarantee is provided in the form of a bank guarantee or financial guarantee to protect the duties and taxes receivable.
