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Tuesday, 3 July 2018

Parliament signs off on Customs Act amendments

LEGISLATION WATCH- Parliament signs off on amendments to Customs Act: The House of Representatives approved yesterday amendments to the Customs Act, El Watan reports. The amendments would slash customs duties on capital goods and expand temporary exemptions for production inputs and packaging equipment, in addition to introducing provisions that aim to curb customs evasion.

A massive overhaul of the Customs Act still to come: Parliament’s sign-off came as the Finance Ministry finalized a new, long-planned draft Customs Act, which will be presented to the House at the start of the next legislative session, Minister Mohamed Maait said, according to Youm7. The amendments that just passed the House only affect two articles of the law, Maait said. From what we’re seeing, these amendments were only fillers before the wider law comes into effect. Sources had told us previously that the new legislation also includes a host of measures that would facilitate the flow of goods through Egypt’s ports, including establishing a “white list” of importers who will benefit from expedited clearance of goods.

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