{"id":622706,"date":"2018-10-10T05:44:45","date_gmt":"2018-10-10T05:44:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/"},"modified":"2018-10-10T05:44:45","modified_gmt":"2018-10-10T05:44:45","slug":"finmin-releases-final-draft-of-the-customs-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/","title":{"rendered":"FinMin releases final draft of the Customs Act"},"content":{"rendered":"

<\/a> ** #2 LEGISLATION WATCH- FinMin releases final draft of the Customs Act: <\/strong>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<\/a>. The ministry plans to introduce the act to the House of Representatives during the current legislative cycle, but the statement did not note when. The ministry says the bill would bring customs legislation in line with international agreements and raise Egypt\u2019s ranking in a number of global indices, including the World Bank\u2019s Doing Business report. You can read the latest draft of the bill here (pdf)<\/a> on the Finance Ministry website.<\/p>\n

Expedited clearance and facilitating payments: <\/strong>Among the most significant measures are those designed to speed goods through Egypt\u2019s ports, include setting up an expedited track for the clearance of goods, the statement says, without delving into the mechanics of the new system. Government sources had told us back in May<\/a> that the law would set up \u201ca white list\u201d of importers. Companies on the list will be able to clear their goods without initially undergoing full procedures. An inspection of their warehouses and their documentation would be conducted later. The proposed bill would also, for the first time, allow importers to pay duties in installments, the statement said.<\/p>\n

Law expands Customs Authority\u2019s powers: <\/strong>One of the key aims of the law is to increase the supervisory and enforcement powers of the Customs Authority, Finance Minister Mohamed Maait said. The bill would grant the authority expanded powers to seize the goods of suspected customs evaders and the right to track goods and shipping containers from ports of origin. The law will also grant the authority powers the sole power to sign off on temporary customs exemptions, which were expanded earlier this year to include production inputs, said Maait.<\/p>\n

Customs Authority approval for econ zone licenses:<\/strong> Licensing for a project in a special economic zone or a freezone will require signoff from the Customs Authority and the General Authority for Freezones and Investments must seek its approval before issuing a license, according to our preliminary reading of the law.<\/p>\n

Background: <\/strong>Other changes we\u2019ve been told to look for include a new tariff structure for vehicles imported by tour operators, hotels and resorts and the toughening of penalties for customs dodgers.<\/p>\n","protected":false},"excerpt":{"rendered":"

** #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. The ministry plans to introduce the act to the House of Representatives during the […]<\/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":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-622706","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"ae2215f0-afe8-4680-9d09-eeec25f9511f","order":"0","is_powered_by":true,"section_story_id":"4e0c65c0-42af-4a13-98df-473ac602eff0","story_type":"1","photo_url":"","photo_position":"above","related_issue":[622700],"teaser":"","voice_url":""},"yoast_head":"\nFinMin releases final draft of the Customs Act - 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\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin releases final draft of the Customs Act\" \/>\n<meta property=\"og:description\" content=\"** #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. The ministry plans to introduce the act to the House of Representatives during the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-10T05:44:45+00:00\" \/>\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=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"FinMin releases final draft of the Customs Act\",\"datePublished\":\"2018-10-10T05:44:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/\"},\"wordCount\":401,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/\",\"name\":\"FinMin releases final draft of the Customs Act - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"datePublished\":\"2018-10-10T05:44:45+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FinMin releases final draft of the Customs Act\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"FinMin releases final draft of the Customs Act - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/","og_locale":"en_US","og_type":"article","og_title":"FinMin releases final draft of the Customs Act","og_description":"** #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. The ministry plans to introduce the act to the House of Representatives during the […]","og_url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2018-10-10T05:44:45+00:00","author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"FinMin releases final draft of the Customs Act","datePublished":"2018-10-10T05:44:45+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/"},"wordCount":401,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"keywords":["EnterpriseAM","SPEED ROUND"],"articleSection":["Speed Round"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/","url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/","name":"FinMin releases final draft of the Customs Act - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"datePublished":"2018-10-10T05:44:45+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"FinMin releases final draft of the Customs Act"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":567470,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/23\/finmin-releases-egypts-draft-unified-budget-act\/","url_meta":{"origin":622706,"position":0},"title":"FinMin releases Egypt\u2019s draft Unified Budget Act","author":"enterpriseam admin","date":"23 January 2020","format":false,"excerpt":"LEGISLATION WATCH- FinMin releases draft Budget Act: The Finance Ministry has released the draft Unified Budget Act (pdf) and an explanatory presentation on the legislation (pdf) ahead of putting it up for public consultations and cabinet discussion. The new act merges legislation governing the annual fiscal budget and government accountability\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":599422,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/27\/customs-act-amendments-to-be-discussed-by-egypts-house-after-summer-break\/","url_meta":{"origin":622706,"position":1},"title":"Customs Act amendments to be discussed by Egypt\u2019s House after summer break","author":"enterpriseam admin","date":"27 June 2019","format":false,"excerpt":"EXCLUSIVE- Customs Act parliamentary discussions kicked to FY2019-2020 legislative cycle: The House of Representatives is expected to vote on proposed amendments to the Customs Act after the summer recess, two government sources told Enterprise. The Finance Ministry decided to postpone the vote to give itself time to factor in 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\/2020\/1\/662.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571885,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/03\/finmin-opens-expedited-customs-clearance-to-sme-importers\/","url_meta":{"origin":622706,"position":2},"title":"FinMin opens expedited customs clearance to SME importers","author":"enterpriseam admin","date":"3 June 2020","format":false,"excerpt":"SMEs will be able to join a whitelist of importers eligible for expedited customs clearance, according to a Finance Ministry decision waiving a requirement that allowed only companies with higher revenues to apply for the scheme. Smaller importers will need to prove they are able meet contractual obligations to qualify\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":569794,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/08\/finmin-reviews-customs-controls-to-aid-smes\/","url_meta":{"origin":622706,"position":3},"title":"FinMin reviews customs controls to aid SMEs","author":"enterpriseam admin","date":"8 March 2020","format":false,"excerpt":"Egypt reviews customs controls to aid SMEs: The Finance Ministry is reviewing Authorised Economic Operator Program conditions to allow for more SMEs to enjoy the benefits of the Green Path System in ports and customs outlets, according to a ministry statement. It is also considering providing whitelisted importers with field\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":561010,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/22\/finmin-issues-new-customs-act-regs\/","url_meta":{"origin":622706,"position":4},"title":"FinMin issues new Customs Act regs","author":"enterpriseam admin","date":"22 March 2021","format":false,"excerpt":"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\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":598214,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/19\/finmin-trade-ministry-expand-egypts-automotive-incentives-strategy-to-cover-all-industries\/","url_meta":{"origin":622706,"position":5},"title":"FinMin, Trade Ministry expand Egypt\u2019s automotive incentives strategy to cover all industries","author":"enterpriseam admin","date":"19 May 2019","format":false,"excerpt":"EXCLUSIVE- FinMin, Trade Ministry looking to expand automotive industry-style incentive strategy to other sectors: The finance, trade and industry ministers are working on a more expansive incentives strategy for all local industries based on its program for the automotive industry, a senior official in the government tells Enterprise. The program\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\/2022\/7\/381.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622706","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=622706"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/622706\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/622700"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=622706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=622706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=622706"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=622706"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=622706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}