{"id":547096,"date":"2022-06-08T04:21:08","date_gmt":"2022-06-08T04:21:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/house-gives-final-nod-to-amended-customs-tariffs-in-bid-to-localize-industry\/"},"modified":"2022-06-08T04:21:08","modified_gmt":"2022-06-08T04:21:08","slug":"house-gives-final-nod-to-amended-customs-tariffs-in-bid-to-localize-industry","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/house-gives-final-nod-to-amended-customs-tariffs-in-bid-to-localize-industry\/","title":{"rendered":"House gives final nod to amended customs tariffs in bid to localize industry"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>House gives the nod to amended customs tariffs: <\/strong>The House of Representatives yesterday gave its final approval to a presidential decree amending customs duties on hundreds of imports.<\/p>\n<p><strong>All part of the localization push: <\/strong>The changes in tariffs came to promote investment, boost exports, and protect local industries, according to Yasser Omar, deputy chairman of the House\u2019s Budget Committee. \u201cIt is important to change the import tariffs from time to time to tackle local and international economic developments and in a way that can create a more investment-friendly climate in Egypt,\u201d Omar said. \u201cWithin this context, the new changes aim to protect local industries from foreign harmful practices that might negatively impact their competitive edge.\u201d<\/p>\n<p><strong>Who\u2019s getting tax breaks?<\/strong> Tariffs were reduced on more than 150 raw materials imports for local manufacturers, with a focus on the automotive industry, Omar said. Tariffs were also lowered on medical equipment, while natural-gas powered vehicles saw a 35% reduction in tariffs.<\/p>\n<p><strong>Incentivizing the use of local components:<\/strong> Under the decree, manufacturers who use at least 60% local components in their products will get a 40% discount on customs duties for imported components.<\/p>\n<p><strong>On the automotive side of things:<\/strong> A 2% import tariff will be levied on equipment to operate electric vehicle charging stations and natgas-powered vehicle fuelling stations, as well as on electric motors, batteries, control units, and ventilation systems used in electric buses.<\/p>\n<p><strong>Also seeing amended tariffs:<\/strong><\/p>\n<ul>\n<li><strong>Hotels and tourism firms will pay a 20% tariff<\/strong> on imported equipment.<\/li>\n<li><strong>Renewable energy projects will also see a 2% levy<\/strong> on imported equipment.<\/li>\n<li><strong>Manufacturing imports for baby formula will be charged a 2% tariff.<\/strong> <\/li>\n<li><strong>The Arab Petroleum Pipelines Company (SUMED) will pay a 2% tariff<\/strong> on imported equipment, tools and spare parts.<\/li>\n<li><strong>Arab Organization for Industrialization (AOI) affiliates will pay a 5% tariff<\/strong> on imported parts for train locomotives.<\/li>\n<\/ul>\n<p><strong>We\u2019re also getting a new council to handle all of this: <\/strong>Finance Minister Mohamed Maait will head an import tariffs council, which will be tasked with proposing amendments to the tariffs as the economic situation develops.<\/p>\n<p><strong>BACKGROUND: This is all about lowering imports of finished goods, boosting local industry, and upping exports. <\/strong>The Trade and Industry Ministry is working on <a href=\"https:\/\/enterprise.press\/industries\/egypt-moves-forward-import-substitution-strategy-sectors-focus-shift-local-manufacturing\/\">growing local manufacturing to limit imports<\/a> across 4.8k industrial categories. The government is also aiming to increase exports to USD 100 bn a year by 2025 as part of its plan to increase the private sector\u2019s role in the economy.<\/p>\n<p><strong>Key to localization plans is the soon-to-be-released <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">automotive strategy<\/a><\/strong>, which seeks to increase local assembly, grow the component manufacturing industry, up the sector\u2019s competitiveness to become a regional manufacturing hub, and bolster export volumes.<\/p>\n<p><strong>ALSO FROM THE HOUSE YESTERDAY- <\/strong><\/p>\n<p><strong>Tawfik comes with receipts on El Nasr: <\/strong>Public Enterprises Minister Hisham Tawfik has submitted to the House a detailed report on El Nasr for Coke and Chemicals\u2019 financial and administrative situation, according to Parliamentary Affairs Minister Alaa Fouad. MPs had requested the report after disputing that the company\u2019s financials warranted liquidation, after Tawfik in January announced plans to dissolve the financially-stricken firm.<\/p>\n<p><strong>And the mud tax suspension moves forward \u2014 potentially for even longer than planned:<\/strong> The House approved in principle a draft bill from the government to extend the suspension of the 14% tax on agricultural land (known as \u201cmud tax\u201d) for an additional year to July 2023. A final vote on the bill has been delayed to a later session, after \u201ca large number of MPs\u201d expressed their desire to see the tax postponed for another three years rather than just one, \u201cto relieve tax burdens on farmers and stimulate them to increase agricultural production,\u201d House Speaker Hanafi Gibali said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>House gives the nod to amended customs tariffs: The House of Representatives yesterday gave its final approval to a presidential decree amending customs duties on hundreds of imports. All part of the localization push: The changes in tariffs came to promote investment, boost exports, and protect local industries, according to Yasser Omar, deputy chairman of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":547097,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7344],"tags":[144,309,72,274,7196,187,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-automotive","tag-customs","tag-enterpriseam","tag-house-of-representatives","tag-industry","tag-legislation-watch","tag-tax","wpautop","entry"],"acf":{"mongo_id":"a7e87c52-f3e1-49dd-93ae-3d18b8287074","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/194.jpg","photo_position":"above","related_issue":[547081],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>House gives final nod to amended customs tariffs in bid to localize industry - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/house-gives-final-nod-to-amended-customs-tariffs-in-bid-to-localize-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House gives final nod to amended customs tariffs in bid to localize industry\" \/>\n<meta property=\"og:description\" content=\"House gives the nod to amended customs tariffs: The House of Representatives yesterday gave its final approval to a presidential decree amending customs duties on hundreds of imports. All part of the localization push: The changes in tariffs came to promote investment, boost exports, and protect local industries, according to Yasser Omar, deputy chairman of [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/house-gives-final-nod-to-amended-customs-tariffs-in-bid-to-localize-industry\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-08T04:21:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/194.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/house-gives-final-nod-to-amended-customs-tariffs-in-bid-to-localize-industry\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/house-gives-final-nod-to-amended-customs-tariffs-in-bid-to-localize-industry\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"House gives final nod to amended customs tariffs in bid to localize industry\",\"datePublished\":\"2022-06-08T04:21:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/house-gives-final-nod-to-amended-customs-tariffs-in-bid-to-localize-industry\/\"},\"wordCount\":610,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/house-gives-final-nod-to-amended-customs-tariffs-in-bid-to-localize-industry\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/194.jpg?fit=%2C&ssl=1\",\"keywords\":[\"automotive\",\"customs\",\"EnterpriseAM\",\"House of Representatives\",\"industry\",\"Legislation Watch\",\"tax\"],\"articleSection\":[\"LEGISLATION WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/house-gives-final-nod-to-amended-customs-tariffs-in-bid-to-localize-industry\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/house-gives-final-nod-to-amended-customs-tariffs-in-bid-to-localize-industry\/\",\"name\":\"House gives final nod to amended customs tariffs in bid to localize industry - 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Manufacturers will need to keep records on the volume and purpose of their imports so they can qualify for\u2026","rel":"","context":"In &quot;Customs&quot;","block_context":{"text":"Customs","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/customs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/115.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573950,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/25\/house-gives-final-nod-for-tougher-penalties-in-electricity-act-eminent-domain-act\/","url_meta":{"origin":547096,"position":1},"title":"House gives final nod for tougher penalties in Electricity Act, Eminent Domain Act","author":"enterpriseam admin","date":"25 August 2020","format":false,"excerpt":"MEGA LEGISLATION WATCH- House gives final approval to new Customs Act, paving the way for expedited clearance: The House of Representatives gave a final nod to the new, improved Customs Act in what was the final plenary session before MPs take off for summer vacation. The long-awaited bill allows for\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/8\/193.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547137,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/09\/last-nights-talk-shows-customs-tariffs-land-nilesat-launches\/","url_meta":{"origin":547096,"position":2},"title":"Last Night\u2019s Talk Shows: Customs tariffs land + Nilesat launches","author":"enterpriseam admin","date":"9 June 2022","format":false,"excerpt":"No one story dominated the talking heads\u2019 agendas last night. Amendments to customs tariffs approved this week by the House of Representatives will be a boon for the localization of the automobile industry, allowing it to compete with leading markets like Morocco and South Africa, FinMin customs advisor Magdy Abdel\u2026","rel":"","context":"In &quot;LAST NIGHT\u2019S TALK SHOWS&quot;","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600097,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/20\/federation-of-egyptian-industries-reviewing-final-draft-of-customs-act\/","url_meta":{"origin":547096,"position":3},"title":"Federation of Egyptian Industries reviewing final draft of Customs Act","author":"enterpriseam admin","date":"20 January 2019","format":false,"excerpt":"LEGISLATION WATCH- Final draft of amended Customs Act now with industry group for review: The Federation of Egyptian Industries (FEI) is reviewing the final version of proposed amendments to the Customs Act, Mohamed El-Bahy, head of the federation\u2019s taxes and customs committee, told Youm7. The FEI\u2019s feedback goes to the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":604622,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/09\/cabinet-likes-amended-customs-act-egypt-to-receive-eur-148-mn-from-ebrd\/","url_meta":{"origin":547096,"position":4},"title":"Cabinet likes amended Customs Act, Egypt to receive EUR 148 mn from EBRD","author":"enterpriseam admin","date":"9 December 2018","format":false,"excerpt":"CABINET WATCH- Cabinet gives preliminary nod to Customs Act amendments: The Madbouly Cabinet has approved \u201cin principle\u201d amendments to the Customs Act, according to a statement. The amendments should create an expedited track for customs clearance, a \u2018whitelist\u2019 of trusted importers, and broaden the Customs Authority\u2019s discretion. The government is\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":637888,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/28\/house-gives-preliminary-nod-to-nppa-law-postpones-final-vote-to-resolve-disagreement-over-articles-on-autonomy-tax-exemptions\/","url_meta":{"origin":547096,"position":5},"title":"House gives preliminary nod to NPPA law, postpones final vote to resolve disagreement over articles on autonomy, tax exemptions","author":"enterpriseam admin","date":"28 November 2017","format":false,"excerpt":"LEGISLATION WATCH- House gives preliminary nod to amendments to law governing nuclear power authority amid disagreement over clauses on autonomy and tax breaks: The House of Representatives\u2019 general assembly gave a preliminary nod yesterday to amendments to the law governing the Nuclear Power Plant Authority (NPPA), postponing the final vote\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547096"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547096\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547097"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547096"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547096"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}