{head} Customs TIR Rules

LawPoint is a publisher of premium legal content in Pakistan in ground-breaking digital formats. Disciplines covered range from Customs to taxation through corporate and regulatory laws to insurance and intellectual property rights. Buy LawPoint publications or subscribe to LawPoint databases.

{blue_header}
October 27, 2021

Legal Updates

Amendment in Customs TIR Rules

by NewsDesk / Sunday, November 29, 2020 / Published in Customs
Post Image

Pakistan Customs have floated draft amendments in the TIR Rules to facilitate and streamline traffic-in-transit to and from Pakistan under the UNECE's TIR Convention, 1975. The proposed amendments, inter alia, include -

- incorporation of 'Pakistan National Committee of International Chamber of Commerce (PNC-ICC Pakistan)' as a 'body';

- inclusion of insurance guarantee from an “A”rated insurance company in the term 'encashable guarantee';

- mandatory requirement for a TIR applicant to have sound financial standing, to be proved by bank statements and audited accounts and filed income tax returns. In case of a newly formed or converted entity to a private limited company, the applicant entity shall provide a certificate of sound financial standing, along with an undertaking to provide audited financial statements of three years subsequently;

- furnishing of a supplementary financial guarantee by the national guaranteeing association in the form of an insurance guarantee from an “A” rated insurance company for a sum of fifteen million rupees or defence saving certificates of equivalent amount in terms of clause (xxvi) of sub-rule (1) of Rule 689 of the Customs Rules, 2001, to the Director, Directorate of Transit Trade, Pakistan Customs, Karachi/

The amendments are aimed at refining the nascent TIR transit system in Pakistan, which has seen a little over 20 TIR cross-border movements so far since its inception a few years ago. The proposed amendments seek to remove the hardships in meeting the stringent TIR enrollment criteria for the aspirant logistics companies belonging to the informal or SME sectors.

FORGOT YOUR PASSWORD?

CREATE NEW ACCOUNT

Profile Completion: 0%

    I AGREE TO THE TERMS & CONDITIONS OF THE LAWPOINT WEBSITE

NEED A QUOTE

Get it directly to your inbox

Have a question?

We shall get back to you with answers

Form Not Found.
TOP