{"id":576490,"date":"2020-11-25T04:14:11","date_gmt":"2020-11-25T04:14:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/25\/shippers-customs-brokers-win-minor-customs-act-concessions\/"},"modified":"2020-11-25T04:14:11","modified_gmt":"2020-11-25T04:14:11","slug":"shippers-customs-brokers-win-minor-customs-act-concessions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/25\/shippers-customs-brokers-win-minor-customs-act-concessions\/","title":{"rendered":"Shippers, customs brokers win minor Customs Act concessions"},"content":{"rendered":"

LEGISLATION WATCH- Shipping agencies and customs brokers have won minor <\/strong>concessions from the Finance Ministry<\/strong> after challenging some elements of the recently-ratified Customs Act<\/a>, Enterprise has learned. Brokers had complained<\/a> about the strict new insurance 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 has refused to budge from the figures<\/a> but according to a Finance Ministry directive obtained by Enterprise the authority will instead allow small firms to pay the amount in equal installments over five years.<\/p>\n

Shipping companies will now be allowed to submit their cargo lists 24 hours before shipments arrive in the country<\/strong>, instead of the 48 hours written in the legislation to speed up clearance procedures. The new Customs Act was ratified earlier this month<\/a> after receiving House approval in August.<\/p>\n","protected":false},"excerpt":{"rendered":"

LEGISLATION WATCH- Shipping agencies and customs brokers have won minor concessions from the Finance Ministry after challenging some elements of the recently-ratified Customs Act, Enterprise has learned. Brokers had complained about the strict new insurance requirements in the legislation, which force large companies to deposit EGP 100k and small companies EGP 50k, up from as […]<\/p>\n","protected":false},"author":1,"featured_media":576491,"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":[8572],"tags":[3414,72,276,1377,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-576490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-customs-act","tag-enterpriseam","tag-finance-ministry","tag-investment-act","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"f369f7a0-4646-4239-b23f-8e2b291d1f63","is_powered_by":true,"section_story_id":"1c53ecf2-df2e-4e9c-a021-4a33f539d850","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/11\/276.jpg","photo_position":"above","related_issue":[576475],"teaser":"","voice_url":""},"yoast_head":"\nShippers, customs brokers win minor Customs Act concessions - 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\/11\/25\/shippers-customs-brokers-win-minor-customs-act-concessions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shippers, customs brokers win minor Customs Act concessions\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- Shipping agencies and customs brokers have won minor concessions from the Finance Ministry after challenging some elements of the recently-ratified Customs Act, Enterprise has learned. Brokers had complained about the strict new insurance requirements in the legislation, which force large companies to deposit EGP 100k and small companies EGP 50k, up from as […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/25\/shippers-customs-brokers-win-minor-customs-act-concessions\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-25T04:14:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/276.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=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/25\/shippers-customs-brokers-win-minor-customs-act-concessions\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/25\/shippers-customs-brokers-win-minor-customs-act-concessions\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Shippers, customs brokers win minor Customs Act concessions\",\"datePublished\":\"2020-11-25T04:14:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/25\/shippers-customs-brokers-win-minor-customs-act-concessions\/\"},\"wordCount\":151,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/25\/shippers-customs-brokers-win-minor-customs-act-concessions\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/276.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Customs Act\",\"EnterpriseAM\",\"Finance Ministry\",\"Investment Act\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/25\/shippers-customs-brokers-win-minor-customs-act-concessions\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/25\/shippers-customs-brokers-win-minor-customs-act-concessions\/\",\"name\":\"Shippers, customs brokers win minor Customs Act concessions - 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The authority has already sent out instructions to officials to streamline the clearance process\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":567945,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/13\/finmin-industry-groups-to-set-up-working-groups-to-improve-tax-policy\/","url_meta":{"origin":576490,"position":1},"title":"FinMin, industry groups to set up \u201cworking groups\u201d to improve tax policy","author":"enterpriseam admin","date":"13 December 2020","format":false,"excerpt":"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\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\/2020\/12\/221.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":632576,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/14\/amendments-to-the-customs-act-will-expand-exemptions-for-production-inputs\/","url_meta":{"origin":576490,"position":2},"title":"Amendments to the Customs Act will expand exemptions for production inputs","author":"enterpriseam admin","date":"14 February 2018","format":false,"excerpt":"LEGISLATION WATCH- Amendments to the Customs Act will expand exemptions for production inputs. 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The regs would allow\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":622706,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/","url_meta":{"origin":576490,"position":4},"title":"FinMin releases final draft of the Customs Act","author":"enterpriseam admin","date":"10 October 2018","format":false,"excerpt":"** #2 LEGISLATION WATCH- FinMin releases final draft of the Customs Act: The Finance Ministry has released the final draft of the amended Customs Act on Tuesday after consultations with business groups and global financial institutions, according to a ministry statement. 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