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Egypt’s Customs Authority to complete draft law in 2 weeks

by ChemOrbis Editorial Team - content@chemorbis.com
  • 15/04/2015 (11:09)
According to local media sources, Magdy Abdel Aziz, Head of Egypt’s Customs Authority, reported that a draft for a new customs law will be completed in the next two weeks. The draft will also address customs exemptions once it is completed.

It is hoped that the law will be issued before the parliamentary elections as it does not include many articles. Plus, the law was previously discussed with businessmen and the Federation of Egyptian Industry (FEI) and there was said to be broad agreement regarding its terms.
“The draft law will allow payment of taxes in stages to encourage investors. A postponement of customs tax payments for one month will also be allowed in return for a letter of guarantee submitted by the importer,” added Abdel Aziz.

According to Abdel Aziz, the draft law also contains tough penalties for smuggling operations with an article requiring restrictions and strict financial penalties as deterrence for violators.
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