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Thursday, 19 December 2019

Egypt’s new Customs Act expected to come into effect in 1H2020

LEGISLATION WATCH- The proposed Customs Act is expected to come into effect in 1H2020, unnamed sources at the Finance Ministry said, Al Mal reports. The House Planning and Budgeting Committee is expected to finalize its review of the 55-article bill this month before shipping it to the House general assembly for a final discussion and vote in the new year. The executive regulations for the act, which must be issued within three months of its approval from parliament, are already being drafted, according to the ministry sources. The proposed bill would, if passed, expedite clearance through a white list of importers, broaden the powers of customs clearance agents, and include customs breaks for local manufacturers, among other things.

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