Maglis El Dawla completes its review of SMEs, customs acts
LEGISLATION WATCH- Maglis El Dawla completes review of SMEs, customs acts: The Council of State (Maglis El Dawla) has completed its review of proposed SMEs and customs acts and has sent them back to the Madbouly Cabinet for approval, unidentified sources tell the local press. Once Cabinet signs off on the bills, they will be shipped off to the House of Representatives for final sign-off.
What do the bills entail?
- Proposed amendments to the Customs Act would expedite customs clearance, create a “whitelist” of trusted importers, and broaden the Custom Authority’s discretion, according to the final draft released by the Finance Ministry last year.
- The SMEs Act includes a number of tax and non-tax incentives for SMEs to go legit. Government entities will also be working to issue licenses and ensure SMEs are included in tenders, government auctions, and banking facilities. SME tax incentives package could cost the government EGP 1.5-2 bn each year.