Shippers, customs brokers win minor Customs Act concessions
LEGISLATION WATCH- Shipping agencies and customs brokers have won minor concessions from the Finance Ministry after challenging some elements of the recently-ratified Customs Act, Enterprise has learned. Brokers had complained about the strict new insurance requirements in the legislation, which force large companies to deposit EGP 100k and small companies EGP 50k, up from as little as EGP 5k before. The Customs Authority has refused to budge from the figures but according to a Finance Ministry directive obtained by Enterprise the authority will instead allow small firms to pay the amount in equal installments over five years.
Shipping companies will now be allowed to submit their cargo lists 24 hours before shipments arrive in the country, instead of the 48 hours written in the legislation to speed up clearance procedures. The new Customs Act was ratified earlier this month after receiving House approval in August.