LEGISLATION WATCH- Potential amendments to the Customs Act are now with the Planning and Budget Committee for discussion, Al Mal reports, after the House voted to send the bill to committee. The draft law, which had receive the Ismail Cabinet’s sign-off in February, is expected to slash custom duties on capital goods to 2% from a current 5% and expand temporary exemptions for production inputs and packaging equipment. The law also includes provisions that aim to curb customs evasion. The latest draft also includes a host of measures that facilitate the flow of goods through Egypt’s ports, including establishing a “white list” of importers who will benefit from expedited clearance of goods, sources had told us previously. The law would also introduce new tariffs for the tourism sector.

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