{"id":561010,"date":"2021-03-22T03:57:14","date_gmt":"2021-03-22T03:57:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/22\/finmin-issues-new-customs-act-regs\/"},"modified":"2021-03-22T03:57:14","modified_gmt":"2021-03-22T03:57:14","slug":"finmin-issues-new-customs-act-regs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/22\/finmin-issues-new-customs-act-regs\/","title":{"rendered":"FinMin issues new Customs Act regs"},"content":{"rendered":"

Companies importing capital goods they need to grow \u2014 including heavy equipment and <\/strong>machinery \u2014 <\/strong>could get a breather under upcoming changes to the Customs Act\u2019s <\/strong>executive regulations<\/a><\/strong>(pdf)<\/a>, the draft of which the Finance Ministry has completed ahead of their being put up for public consultations. The regs would allow importers to pay customs in chunks over six months for businesses that are up and running, and over the course of one year for ventures that are still in the construction phase.<\/p>\n

Shippers could also be allowed to move goods out of Egypt without submitting waybills<\/strong> on the spot and would instead be given the option of handing over the documentation 48 hours after leaving the country. This applies to cargo ships, planes, and other vessels with or without cargo. The Customs Authority had agreed to introduce this concession in the act\u2019s executive regulations last month<\/a>.<\/p>\n

Background:<\/strong> We have <\/strong>a bulleted rundown on the new Customs Act here<\/a><\/strong> if you need to get up to speed. The recently-approved law came into effect<\/a> late last year and aims to expedite customs clearance. It received a final nod<\/a> from the House of Representatives in August 2020, but has since been met with pushback from exporters, shipping agencies, and customs brokers. Their grumblings led the Finance Ministry to make minor concessions, including on ins. requirements<\/a>.<\/p>\n

IN OTHER LEGISLATION NEWS-<\/strong><\/p>\n

FGM is now punishable by at least five years in prison and up to a decade if the <\/strong>victim is permanently disabled<\/strong> after the Senate signed off on tougher penalties for the illegal procedure in a plenary session yesterday, Al Shorouk<\/a> reported. The penalty in the case of a victim\u2019s death is at least 20 years in prison. Medical professionals found guilty of FGM will face similar prison terms and will be stripped of their medical license for at least five years. Those who promote or encourage the practice will also face prison time.<\/p>\n","protected":false},"excerpt":{"rendered":"

Companies importing capital goods they need to grow \u2014 including heavy equipment and machinery \u2014 could get a breather under upcoming changes to the Customs Act\u2019s executive regulations(pdf), the draft of which the Finance Ministry has completed ahead of their being put up for public consultations. The regs would allow importers to pay customs in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[96,72,276,274,187,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561010","post","type-post","status-publish","format-standard","hentry","category-legislation-watch","tag-abdel-fattah-el-sisi","tag-enterpriseam","tag-finance-ministry","tag-house-of-representatives","tag-legislation-watch","tag-trade","wpautop","entry"],"acf":{"mongo_id":"7d9f9d03-b89e-4f70-b83b-60a0b0199a89","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[560997],"teaser":"","voice_url":""},"yoast_head":"\nFinMin issues new Customs Act regs - 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\/2021\/03\/22\/finmin-issues-new-customs-act-regs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin issues new Customs Act regs\" \/>\n<meta property=\"og:description\" content=\"Companies importing capital goods they need to grow \u2014 including heavy equipment and machinery \u2014 could get a breather under upcoming changes to the Customs Act\u2019s executive regulations(pdf), the draft of which the Finance Ministry has completed ahead of their being put up for public consultations. 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The increased costs include the deposit required for the release of goods, the royalties paid to the\u2026","rel":"","context":"In "Legislation + Policy"","block_context":{"text":"Legislation + Policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":557009,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/02\/another-landmark-in-the-tax-overhaul-finmin-issues-official-customs-act-exec-regs\/","url_meta":{"origin":561010,"position":1},"title":"Another landmark in the tax overhaul: FinMin issues official Customs Act exec regs","author":"enterpriseam admin","date":"2 September 2021","format":false,"excerpt":"The final executive regulations of the Customs Act have been issued by the Finance Ministry and were published (pdf) in the Official Gazette on Tuesday. The exec regs\u2019 arrival marks the latest landmark in implementing the recently-approved Customs Act, which came into effect late last year and aims to expedite\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/33.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562493,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/26\/customs-act-regs-are-up-for-discussion-again\/","url_meta":{"origin":561010,"position":2},"title":"Customs Act regs are up for discussion again","author":"enterpriseam admin","date":"26 May 2021","format":false,"excerpt":"The business community has one week to give feedback on the latest version of the Customs Act\u2019s executive regulations (pdf), after the Finance Ministry incorporated suggested amendments and requests from the latest round of public consultations last month, Al Masry Al Youm reports. Under the proposed regulations, importers would be\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558381,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/08\/inching-closer-to-a-new-customs-system\/","url_meta":{"origin":561010,"position":3},"title":"Inching closer to a new customs system","author":"enterpriseam admin","date":"8 August 2021","format":false,"excerpt":"The final draft of the exec regs of the Customs Act\u2019s is now in the hands of the State Council (Maglis El Dawla) for review and approval after they were redrafted to incorporate proposed amendments and requests from the last round of public consultations in April, Minister Mohamed Maait said\u2026","rel":"","context":"In "REGULATION WATCH"","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/113.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":626726,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/10\/finmin-investment-ministry-to-outline-new-regs-for-private-freezones\/","url_meta":{"origin":561010,"position":4},"title":"FinMin, Investment Ministry to outline new regs for private freezones","author":"enterpriseam admin","date":"10 July 2018","format":false,"excerpt":"EXCLUSIVE- FinMin, Investment Ministry to outline new regs for private freezones: A committee of officials from the ministries of finance and investment has begun meetings to formulate new regulations governing private freezones, government sources tell Enterprise. The move seems geared to tackle concerns raised by investors in private freezones that\u2026","rel":"","context":"In "Speed Round"","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":596023,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/18\/finance-ministry-amends-some-executive-regulations-in-customs-act\/","url_meta":{"origin":561010,"position":5},"title":"Finance Ministry amends some executive regulations in Customs Act","author":"enterpriseam admin","date":"18 August 2019","format":false,"excerpt":"The Finance Ministry amended the executive regulations of the Customs Act to unify the procedures of customs valuation for transit goods, the Finance Ministry said in a statement. 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