Afghan transit trade: '23,900 containers disappeared in last 2 and a half years'
FBR chairman says national exchequer lost Rs50 billion due to the disappearance of these containers.
ISLAMABAD:
Federal Board of Revenue (FBR) chairman Salman Siddique has revealed that over 23,900 Afghan Transit Trade containers have disappeared during the last two and a half years, Express 24/7 reported on Friday.
In a briefing to the National Assembly’s Standing Committee for Finance, chairman FBR said that the national exchequer has lost almost Rs50 billion due to the disappearance of these containers.
He informed the committee that the transporters were responsible for the disappearance of these containers.
Siddiquie said his department is estimating the amount of loss caused by the disappearance of International Security Assistance Force (ISAF) containers. The ISAF container issue is a separate case.
The new Afghanistan Pakistan Transit Trade Agreement (APTTA) became operational in June this year but soon after became redundant due to operational difficulties due to a blockade of cargo at Karachi ports. The distinct features of the new treaty that make it different from the 1965 transit treaty are insurance guarantees and tracking systems.
The Federal Board of Revenue (FBR) recently in a testimony to the Senate Standing Committee on Commerce claimed that insurance companies have agreed to issue guarantees for Afghanistan-bound goods. The companies were to start issuing guarantees after September 7 – the day the two-month waiver comes to an end.
New Jubilee Insurance Company, National Insurance Corporation Limited and EFU Insurance had agreed to extend guarantees while Adamjee Insurance had given its consent in principle.
Federal Board of Revenue (FBR) chairman Salman Siddique has revealed that over 23,900 Afghan Transit Trade containers have disappeared during the last two and a half years, Express 24/7 reported on Friday.
In a briefing to the National Assembly’s Standing Committee for Finance, chairman FBR said that the national exchequer has lost almost Rs50 billion due to the disappearance of these containers.
He informed the committee that the transporters were responsible for the disappearance of these containers.
Siddiquie said his department is estimating the amount of loss caused by the disappearance of International Security Assistance Force (ISAF) containers. The ISAF container issue is a separate case.
The new Afghanistan Pakistan Transit Trade Agreement (APTTA) became operational in June this year but soon after became redundant due to operational difficulties due to a blockade of cargo at Karachi ports. The distinct features of the new treaty that make it different from the 1965 transit treaty are insurance guarantees and tracking systems.
The Federal Board of Revenue (FBR) recently in a testimony to the Senate Standing Committee on Commerce claimed that insurance companies have agreed to issue guarantees for Afghanistan-bound goods. The companies were to start issuing guarantees after September 7 – the day the two-month waiver comes to an end.
New Jubilee Insurance Company, National Insurance Corporation Limited and EFU Insurance had agreed to extend guarantees while Adamjee Insurance had given its consent in principle.