Customs Act regs ready to be issued as soon as law is passed
LEGISLATION WATCH- The executive regulations of the new Customs Act have been drafted and are ready to be issued as soon as the law passed, Customs Authority head Magdy Abdel Aziz said, Youm7 reports. The law, which received approval from the Ismail Cabinet in early February, would slash customs duties on capital goods to 2% from a current 5% and expand temporary exemptions for production inputs and packaging equipment.
In other legislative news, the House of Representatives is expected to vote today on amendments to the Railway Act that would allow the private sector to participate in the development and management of the sector. The bill, which had received a preliminary nod earlier this month, will also establish a new regulator to govern the private sector’s involvement.
Also on the docket for today’s general assembly session are amendments to the Eminent Domain Act, which had also received preliminary sign off but delayed due to lack of quorum. The amendments would allow the president rights to seize privately-owned land under eminent domain and offer compensation that includes a premium of at least 20% on land value. Al Mal has the story.