Monday 22nd March 2021
Books – Mustafa Eid:
Dr. Mohamed Maait, Minister of Finance, said that the draft executive regulations for the customs law, which is currently being discussed, include more flexible provisions in applying customs exemptions to Egyptians and tourists returning from abroad, as the value of “permits” exempt from customs tax has been increased from 1500 pounds to 10 thousand pounds.
The minister added, in a statement from the ministry today, Monday, that cars imported for tourism purposes are completely exempt from customs tax, with the exception of “limousines”, which are exempted up to 400,000 pounds, and more than that are the customs tax imposed on them.
He pointed out that the draft executive regulations confirms that no exemptions are stipulated in the other laws in force, and that it clearly clarifies the procedures that must be followed by employees and dealers with customs. So that the door to diligence is not left open to personal assessments.
The minister stated that the draft regulation authorized the customs broker to install the value of the cash insurance decided to obtain a license to practice the profession, over 5 years in equal annual installments, to be deposited with the customs authority on account of any fines or compensation imposed for the occurrence of violations.
He explained that this project included the new customs systems that include free zones and economic zones of a special nature, without prejudice to any rights, benefits or guarantees assessed for the beneficiaries of these systems in accordance with the provisions of the laws on investment, and economic zones of a special nature.
The Ministry of Finance proposed the draft executive regulations for the new customs law for community dialogue by publishing it on the websites of the Ministry of Finance and the Customs Authority, according to what the Minister of Finance announced today.
The ministry also sent a copy of the draft regulations to all state agencies and relevant federations so that the business community can make its observations on it within two weeks.
The Minister stated that these observations will be received, studied and taken into consideration; In order to come up with a consensual formula that contributes to stimulating investment, expanding the export base, and enhancing the competitiveness of Egyptian products in global markets.
He stressed that the draft executive regulations for the new customs law take into account the remarks made by some customs dealers, upon the issuance of the new law, and includes a precise definition of some terms such as: extracts of the shipping list, postal consignments, release routes, and the pre-registration system for shipments “ACI”.