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Monday, 11 July 2016

Amendments would see 0.5% penalty imposed for delaying customs tariffs payments

Delays in paying custom tariffs will be penalized with a 0.5% surtax as part of the amendments to the Customs Law proposed by the Finance Ministry. The law, according to Al Ahram, will also require receiving information on cargo on ships prior their arrival to allow the customs authority the ability to handle or refuse shipments prior to docking in Egypt. The amendments will also allow for electronic transfer of data, relying less on physical documents. Smuggling is also set to be penalised by paying double the customs tariff rate and refusing to show import documents to customs officials will be penalised by a penalty of EGP 10k to EGP 100k. The customs authority will also have the remit to sell goods unreleased by importers after being held for one year.

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