Insurance bond anyone?

[Kes1979]

Hi, any insurance company that sell insurance bond? My friend passport confiscate by iras and he need to return back to china urgently and iras ask for insurance bond /banker guarantee before they return him the passport temporary.

 

[adrianwang74]

just ask chiur friend to pay up the taxes that he owes...

 

[Kes1979]

Any other help?

 

[tJ3333]

friend = ts.

go pay your taxes.

 

[Kes1979]

If can pay the tax, he had already done so. Anybody know which insurer company have it? It was advise by the iras officer, and he say other people also doing the same and it can be obtained within a day.

 

[Kes1979]

hi, all anybody know any insurance company that provide that?

 

[pattanispirit]

insurance bond /banker guarantee is not sold by Insurance co.

go to your banker, they will ask u to pledge the same amount in cash + their commission.

if IRAS ask for S$50k, then put S$50k in the bank.

there is a letter to be issued by the bank, but IRAS must agree the term & condition.

get the draft copy from bank and send to IRAS to confirm their acceptance.

the T&C would include how this bond will be discharged eg upon his return, and validity of the bond (this bond cannot go on forever, if IRAS will no action within X days, the bond should discharge itself), etc.

talk to Commercial section of your bank.

if he don't return, the bank will forward the $ to IRAS automatically, the bond also considered discharged. (ie the bank's job is done).

 

[fallen1]

Jus ******* pay up chao ah tiong

 

[jinmuddy]

Just pay up and fug off lor chao tiong kia.