FBR Allows PSW-Registered Firms to File Insurance Guarantees for Merchants

The Federal Board of Revenue (FBR) has allowed the registered insurance companies to submit a one-time insurance guarantee or revolving insurance guarantee online on the behalf of importers/exporters under the Pakistan Single Window (PSW) project.

According to a notification issued by the FBR, on Tuesday, a one-time insurance guarantee or revolving insurance guarantee may also be submitted online by the Insurance Companies registered in Pakistan Single Window (PSW) against the WeBOC user ID of the respective person or entity, wherein insurance companies are integrated with PSW, provided that in case of non-availability of revolving insurance guarantee, a single transaction insurance guarantee may be furnished for leviable duty and taxes on transit goods.

In case the transit cargo is loaded in a container other than that of a shipping line, the cargo shall be allowed cross-stuffing from the shipping line container. After being out of the charge of the goods declaration (GD), the system may ask from trader whether he wants to avail the option of cross stuffing at the office en route or not. In the case of “Yes,” the system shall display the drop-down menu showing list of off-dock terminals and sea terminals.

He may choose the terminal and shall enter information about the vehicle number and that of the container, on which goods are currently loaded. This information shall be passed on to the respective Customs officer through WeBOC and also to the respective terminal.

The cross-stuffing shall be done in the presence of a Customs Officer, not below the rank of an Appraising Officer, who shall enter the numbers of old and new containers, submit post cross stuffing report and upload images of the goods in the WeBOC system. After cross-stuffing, the PA or AO shall apply a Pakistan Customs Container Sealing System (PCCSS) seal on the new container and enter its number in the system, FBR added.