EXCLUSIVE- FinMin, Investment Ministry to outline new regs for private freezones: A committee of officials from the ministries of finance and investment has begun meetings to formulate new regulations governing private freezones, government sources tell Enterprise. The move seems geared to tackle concerns raised by investors in private freezones that were not addressed in the new Investment Act or its executive regulations. Among the gripes raised by some 50 companies working in the freezones is a dispute on taxation: They’re apparently not happy with new fees set by the government, which they say go beyond the 2% tax levied by the law.

Some in business not happy about Customs Act, either? The Egyptian Businessmen’s Association (EBA) and several export councils have complained that proposed amendments to the Customs Act will adversely affect business, according to Al Ahram. Among the contentious amendments are a new stipulation requiring importers to submit a letter of guarantee from an accredited bank covering the cost of customs duties and taxes, in addition to imposing higher penalties for customs evaders and smugglers. The Finance Ministry has just finalized the proposed amendments to the law, which would also include establishing a “white list” of importers who would benefit from expedited clearance of goods.