Back to the complete issue
Thursday, 2 August 2018

FEI tax committee lays out its recommendation on the new Customs Act on Wednesday

The Federation of Egyptian Industries’ (FEI) tax committee has laid out its recommendations and reservations on the Finance Ministry’s draft of a new Customs Act, Youm7 reports. These appear to be minimal, with its major concerns boiling down to ensuring compliance of the law to the Investment Act, clearly defining production inputs, and making sure that penalties under the act are not extreme. Committee chair Mohamed El Bahey had said that their points of concern include stipulations requiring importers to submit letters from an accredited bank acting as a guarantor for the cost of customs duties and taxes, in addition to higher penalties for customs evaders and smugglers. Finance Minister Mohamed Maait had previously told us that the ministry would introduce a “whitelist” of importers who benefit from expedited clearance of goods. The committee’s report was sent to the FEI’s board before being passed on to the ministry.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.