{"id":632576,"date":"2018-02-14T04:15:34","date_gmt":"2018-02-14T04:15:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/14\/amendments-to-the-customs-act-will-expand-exemptions-for-production-inputs\/"},"modified":"2018-02-14T04:15:34","modified_gmt":"2018-02-14T04:15:34","slug":"amendments-to-the-customs-act-will-expand-exemptions-for-production-inputs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/14\/amendments-to-the-customs-act-will-expand-exemptions-for-production-inputs\/","title":{"rendered":"Amendments to the Customs Act will expand exemptions for production inputs"},"content":{"rendered":"

LEGISLATION WATCH- Amendments to the Customs Act will expand exemptions for production inputs.<\/strong> The Finance Ministry announced changes to the Customs Act designed to expand exemptions and tighten loopholes for tax dodgers. The amendments will expand temporary exemptions for productions inputs throughout the value chain and, for the first time, include packaging equipment on the list items eligible for temporary exemptions. Goods that have been imported to be refined and then re-exported will also receive temporary exemptions, according to a ministry statement<\/a>.<\/p>\n

Tightening loopholes:<\/strong> The amendments, which received cabinet approval last week<\/a>, reduce the duration of temporary licenses to one year with the possibility of a one-year renewal period, down from four years right now. The move is meant to tighten supervision on temporary exemption grants, the statement reads. Importers who want to use for other purposes goods that were originally imported as production inputs must pay the full custom duties and an additional penalty tax. That tax has been reduced to 1.5% from 2%.<\/p>\n

Reducing congestion at customs: <\/strong>The amendments will also reduce the time goods are allowed to remain in storage at Customs Authority before being claimed to six months.<\/p>\n

In other customs-related news, Trade and Industry Minister Tarek Kabil extended the grace period for importers to comply with amendments to the Importers Registry Act by another six months<\/strong>, the ministry said in a statement<\/a> on Tuesday. The amendments include<\/a> increasing the minimum capital for individuals to be registered to EGP 500k from EGP 10k, for limited liability companies to EGP 2 mn from EGP 15k, and for joint-stock companies to EGP 5 mn. The law also imposes stricter penalties for violation of import regulations.<\/p>\n","protected":false},"excerpt":{"rendered":"

LEGISLATION WATCH- Amendments to the Customs Act will expand exemptions for production inputs. The Finance Ministry announced changes to the Customs Act designed to expand exemptions and tighten loopholes for tax dodgers. The amendments will expand temporary exemptions for productions inputs throughout the value chain and, for the first time, include packaging equipment on 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-632576","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"b14cd6ca-4a54-40e8-8797-97edd9152458","order":"0","is_powered_by":true,"section_story_id":"3f1ca895-7c6d-4f68-bc26-5d9784dedd1c","story_type":"1","photo_url":"","photo_position":"above","related_issue":[632564],"teaser":"","voice_url":""},"yoast_head":"\nAmendments to the Customs Act will expand exemptions for production inputs - 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\/02\/14\/amendments-to-the-customs-act-will-expand-exemptions-for-production-inputs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amendments to the Customs Act will expand exemptions for production inputs\" \/>\n<meta property=\"og:description\" content=\"LEGISLATION WATCH- Amendments to the Customs Act will expand exemptions for production inputs. 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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":[]},{"id":627498,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/04\/amendments-to-customs-act-now-with-house-committee-package-includes-incentives-white-list-of-importers-crackdown-on-tourism-car-rentals\/","url_meta":{"origin":632576,"position":1},"title":"Amendments to Customs Act now with House committee; package includes incentives, white list of importers, crackdown on tourism car rentals","author":"enterpriseam admin","date":"4 June 2018","format":false,"excerpt":"LEGISLATION WATCH- Potential amendments to the Customs Act are now with the Planning and Budget Committee for discussion, Al Mal reports, after the House voted to send the bill to committee. The draft law, which had receive the Ismail Cabinet\u2019s sign-off in February, is expected to slash custom duties on\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":629966,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/05\/council-of-state-completes-review-of-customs-act\/","url_meta":{"origin":632576,"position":2},"title":"Council of State completes review of Customs Act","author":"enterpriseam admin","date":"5 April 2018","format":false,"excerpt":"LEGISLATION WATCH- The State Council (Maglis El Dawla) has completed its review of proposed amendments to the Customs Act and shipped it back to the Ismail Cabinet on Monday, according to judiciary sources. The draft law, which had received the Ismail Cabinet\u2019s sign off in February, is expected to slash\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":630843,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/04\/customs-act-regs-ready-to-be-issued-as-soon-as-law-is-passed\/","url_meta":{"origin":632576,"position":3},"title":"Customs Act regs ready to be issued as soon as law is passed","author":"enterpriseam admin","date":"4 March 2018","format":false,"excerpt":"LEGISLATION WATCH- The executive regulations of the new Customs Act have been drafted and are ready to be issued as soon as the law passed, Customs Authority head Magdy Abdel Aziz said, Youm7 reports. The law, which received approval from the Ismail Cabinet in early February, would slash customs duties\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":629308,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/28\/preferential-white-list-new-tariffs-on-tourism-new-penalties-and-more-in-customs-act\/","url_meta":{"origin":632576,"position":4},"title":"Preferential \u201cwhite list,\u201d new tariffs on tourism, new penalties and more in Customs Act","author":"enterpriseam admin","date":"28 May 2018","format":false,"excerpt":"EXCLUSIVE- Preferential \u201cwhite list,\u201d clampdown on tour agency car rentals, new penalties and more in Customs Act: The latest draft of the Customs Act will include a host of measures that facilitate the flow of goods through Egypt\u2019s ports while also introducing new tariffs for the tourism sector and penalties\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":631883,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/29\/council-of-state-to-refer-customs-act-back-to-cabinet-next-week\/","url_meta":{"origin":632576,"position":5},"title":"Council of State to refer Customs Act back to Cabinet next week","author":"enterpriseam admin","date":"29 March 2018","format":false,"excerpt":"LEGISLATION WATCH- The Council of State (Maglis Al Dawla) is reportedly expecting to refer the new Customs Act back to the Cabinet next week. 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