Importers want grace period to comply with Import Registry Act extended

The importers division of the Federation of Egyptian Industries is requesting that the government extend the grace period to comply with amendments to the Importers Registry Act, which tightens controls on importers, Al Mal reports. Importers want the six-month grace period, which expires in September, to be extended until December, saying that they are finding it difficult to comply with the order. The changes to the law, which came in March, include increasing the minimum capital for individuals to be registered to EGP 500k from EGP 10k, for limited liability companies to EGP 2 mn from EGP 15k, and for joint-stock companies to EGP 5 mn. The law also imposes stricter penalties for violation of import regulations.