{"id":567945,"date":"2020-12-13T03:57:35","date_gmt":"2020-12-13T03:57:35","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/13\/finmin-industry-groups-to-set-up-working-groups-to-improve-tax-policy\/"},"modified":"2020-12-13T03:57:35","modified_gmt":"2020-12-13T03:57:35","slug":"finmin-industry-groups-to-set-up-working-groups-to-improve-tax-policy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/13\/finmin-industry-groups-to-set-up-working-groups-to-improve-tax-policy\/","title":{"rendered":"FinMin, industry groups to set up \u201cworking groups\u201d to improve tax policy"},"content":{"rendered":"

<\/a> The newly-passed Customs Act could be in for changes after Finance Minister<\/strong> Mohamed Maait agreed to conduct a broader review <\/strong>at the behest of industry representatives, according to Al Mal<\/a>. Maait promised to address investor concerns in the act\u2019s executive regulations, but could amend the legislation itself if needed. The decision to look into the law came after a recent dispute with customs brokers and shipping agencies on several sticking points which were addressed in a meeting on Friday between Maait and representatives from the Federation of Egyptian Chambers of Commerce.<\/p>\n

The major points of contention: <\/strong>Brokers had complained about the strict new ins. requirements in the legislation, which force large companies to deposit EGP 100k and small companies EGP 50k, up from as little as EGP 5k before. The Customs Authority had earlier refused to budge<\/a> from the figures, but according to a recent Finance Ministry directive<\/a>, the authority will allow small firms to pay the amount in equal installments over five years. The government will also allow shippers to submit their cargo lists 24 hours before shipments arrive in the country, instead of the 48 hours in the legislation.<\/p>\n

Meanwhile, a <\/strong>pre-registration system<\/a><\/strong> that aims to cut red tape and streamline customs procedures will be installed in Egypt\u2019s ports in April<\/strong>, Maait said in a statement<\/a>over the weekend. Using the system will be mandatory for exporters and importers as of the start of next fiscal year in July, he added. The new system, which would reduce customs procedures to a maximum of one day, would also create an online portal allowing customers to follow the status of their shipments. The launch of the system would come a few months after the ministry rolls out a parallel digitized tax filing system in January<\/a> as part of a wider plan to overhaul tax collection.<\/p>\n","protected":false},"excerpt":{"rendered":"

The newly-passed Customs Act could be in for changes after Finance Minister Mohamed Maait agreed to conduct a broader review at the behest of industry representatives, according to Al Mal. Maait promised to address investor concerns in the act\u2019s executive regulations, but could amend the legislation itself if needed. The decision to look into the […]<\/p>\n","protected":false},"author":1,"featured_media":567946,"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":[3414,155,72,276,187,100,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-567945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-customs-act","tag-digitization","tag-enterpriseam","tag-finance-ministry","tag-legislation-watch","tag-policy","tag-tax","wpautop","entry"],"acf":{"mongo_id":"788f8d3a-1d3e-4748-a852-2e858aa9518e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/12\/221.jpg","photo_position":"above","related_issue":[567930],"teaser":"","voice_url":""},"yoast_head":"\nFinMin, industry groups to set up \u201cworking groups\u201d to improve tax policy - 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\/2020\/12\/13\/finmin-industry-groups-to-set-up-working-groups-to-improve-tax-policy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin, industry groups to set up \u201cworking groups\u201d to improve tax policy\" \/>\n<meta property=\"og:description\" content=\"The newly-passed Customs Act could be in for changes after Finance Minister Mohamed Maait agreed to conduct a broader review at the behest of industry representatives, according to Al Mal. 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The proposed amendments to the Customs Act are apparently alive and well, and will be approved by the Madbouly Cabinet this Wednesday, Finance Minister Mohamed Maait said, according to Amwal Al Ghad. Cabinet had approved \u201cin principle\u201d the\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":621557,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/12\/egypt-cabinet-to-introduce-new-customs-act\/","url_meta":{"origin":567945,"position":1},"title":"Egypt cabinet to introduce new customs act","author":"enterpriseam admin","date":"12 November 2018","format":false,"excerpt":"LEGISLATION WATCH- Cabinet will introduce a Customs Act in the House within the coming few weeks, Finance Minister Mohamed Maait told the committee yesterday. The bill is meant to bring customs legislation in line with international agreements and raise Egypt\u2019s ranking in a number of global indices, including the World\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":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":567945,"position":2},"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":623371,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/29\/egypt-cabinet-to-receive-customs-act-this-week-for-review\/","url_meta":{"origin":567945,"position":3},"title":"Egypt Cabinet to receive Customs Act this week for review","author":"enterpriseam admin","date":"29 October 2018","format":false,"excerpt":"** #4 EXCLUSIVE- LEGISLATION WATCH- The Madbouly Cabinet is expected to receive the final draft of the Customs Act this week for review, a senior government official told Enterprise yesterday. Finance Minister Mohamed Maait had said last week that the bill \u2014 which means to bring local customs laws in\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":559892,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/08\/having-fun-theres-gonna-be-a-tax-for-that-plus-shippers-get-a-break\/","url_meta":{"origin":567945,"position":4},"title":"Having fun? There\u2019s gonna be a tax for that. Plus: Shippers get a break.","author":"enterpriseam admin","date":"8 February 2021","format":false,"excerpt":"That tax on fun is back on the menu: Amendments to the tax code that would raise taxes on cinemas, nightclubs, theaters, and wedding venues are on the Finance Ministry\u2019s to-do list in the coming period, Minister Mohamed Maait told the House Planning and Budgeting Committee on Sunday, Al Masry\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\/2\/132.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":626475,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/03\/parliament-signs-off-on-customs-act-amendments\/","url_meta":{"origin":567945,"position":5},"title":"Parliament signs off on Customs Act amendments","author":"enterpriseam admin","date":"3 July 2018","format":false,"excerpt":"LEGISLATION WATCH- Parliament signs off on amendments to Customs Act: The House of Representatives approved yesterday amendments to the Customs Act, El Watan reports. The amendments would slash customs duties on capital goods and expand temporary exemptions for production inputs and packaging equipment, in addition to introducing provisions that aim\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567945","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=567945"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/567945\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/567930"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/567946"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=567945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=567945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=567945"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=567945"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=567945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}