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Thursday, 1 June 2017

Trade and Industry Ministry issues amendments to import-export executive regulations

Trade and Industry Minister Tarek Kabil issued amendments to import and export regulations on Wednesday meant to slash red tape, AMAY reports. The new regulations — which go into effect today — make it mandatory to process payments for imported goods worth USD 2k or more through the domestic banking system. The changes also make it mandatory for banks to notify the Customs Authority electronically of proof of payment before ports can allow importers to transport their goods. Among the other stipulations:

  • Importers must be registered in the Importers Registry and be licensed to purchase their respective goods;
  • Manufacturers importing production inputs and raw materials will not be required to register. The Industrial Development Authority will, however, be required to document raw material imports and file reports with the Customs Authority, which will in turn pass that information on to the government;
  • Banks will also have to process importers’ customs administration fees and transfer those directly to the Trade Ministry’s main account at the CBE.

Government agencies have three months to transition to the new regulations, while businesses were given six months, according to Al Borsa.

In other news from the ministry, the new Industrial Permits Act is now in full effect, the ministry said on Wednesday, according to Al Shorouk. The act is meant to expedite industrial licensing and was published in the Official Gazette earlier this month after passing through the House of Representatives.

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