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Monday, 31 October 2016

Economic, judicial, and legislative affairs committee recommend passing amendments to importers registry law

The economic, judicial, and legislative affairs committees at the House of Representatives have recommended approval on the proposed amendments to the Importers Registry Law, Al Masry Al Youm reported. The most notable changes are: increasing the minimum capital for individuals to be registered to EGP 500k from EGP 10k, for limited liability companies to EGP 2 mn from EGP 15k, and for joint-stock companies to EGP 5 mn. Business activity in the last tax declaration must be higher than EGP 2 mn for individuals and EGP 5 mn for companies. Applicants to the importers registry must pass a training program on the rules and regulations governing imports. A security or letter of guarantee worth EGP 50k for individuals and EGP 200k for VIPs must be deposited, and is returned after the registration period ends.

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