{"id":646001,"date":"2017-06-04T04:06:28","date_gmt":"2017-06-04T04:06:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/04\/govt-moves-to-tighten-control-of-exports-by-hiking-capital-requirements-for-importers\/"},"modified":"2017-06-04T04:06:28","modified_gmt":"2017-06-04T04:06:28","slug":"govt-moves-to-tighten-control-of-exports-by-hiking-capital-requirements-for-importers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/06\/04\/govt-moves-to-tighten-control-of-exports-by-hiking-capital-requirements-for-importers\/","title":{"rendered":"Gov\u2019t moves to tighten control of exports by hiking capital requirements for importers"},"content":{"rendered":"

<\/a> Tightening control of imports: <\/strong>The Trade and Industry Ministry issued amendments to the executive regulations of the Importers Registry Act on Saturday meant to tighten control of imports, Reuters says<\/a>. The amendments \u2014 which complement changes to the Importers Registry Act that were issued in March<\/a> \u2014 raise the minimum capital requirement for the smallest importers to EGP 500k from EGP 10k previously, EGP 2 mn instead of EGP 15k for limited liability companies, and EGP 5 mn for joint stock companies. These measures, which come at the heel of amendments to import-export regulations last week<\/a>, are meant to curb the import of low-quality goods and encourage local investment and industry, the ministry said in a statement, according to the newswire. The government is giving companies six months to comply with the new directives and submit the necessary paperwork (listed here on Ahram Gate<\/a>). The new regulations will come into effect once published<\/a> in the Official Gazette.<\/p>\n

The ministry will also be sending this week its final draft of the executive regulations for the <\/strong>Industrial Permits Act <\/strong>to the Council of State for review, Youm7 reports<\/a>. The act is meant to cut red tape for businesses looking to license new plants and upgrades.<\/p>\n

The news on the importers\u2019 registry comes as Egypt is looking to increase its exports to <\/strong>USD 40-50 bn from their current \u201clow\u201d levels of USD 15-20 bn, <\/strong>Finance Minister Amr El Garhy said, according to Al Ahram<\/a>. He said one third of Egypt\u2019s imports originate from the European Union, but that bloc accounts for only a quarter of our exports. El Garhy\u2019s comments were made on the sidelines of economic talks with an EU delegation in Cairo.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tightening control of imports: The Trade and Industry Ministry issued amendments to the executive regulations of the Importers Registry Act on Saturday meant to tighten control of imports, Reuters says. The amendments \u2014 which complement changes to the Importers Registry Act that were issued in March \u2014 raise the minimum capital requirement for the smallest […]<\/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-646001","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"88415ee8-f0ce-4859-8486-4059bcb476b6","order":"0","is_powered_by":true,"section_story_id":"804ad316-b8a6-47fc-b4a6-94fe8c6b94f5","story_type":"1","photo_url":"","photo_position":"above","related_issue":[645993],"teaser":"","voice_url":""},"yoast_head":"\nGov\u2019t moves to tighten control of exports by hiking capital requirements for importers - 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\/2017\/06\/04\/govt-moves-to-tighten-control-of-exports-by-hiking-capital-requirements-for-importers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t moves to tighten control of exports by hiking capital requirements for importers\" \/>\n<meta property=\"og:description\" content=\"Tightening control of imports: The Trade and Industry Ministry issued amendments to the executive regulations of the Importers Registry Act on Saturday meant to tighten control of imports, Reuters says. 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Importers want the six-month grace period, which expires in September, to be extended until December,\u2026","rel":"","context":"In "Egypt Politics + Economics"","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":642970,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/27\/trade-ministry-extends-grace-period-to-comply-with-importers-registry-act\/","url_meta":{"origin":646001,"position":4},"title":"Trade Ministry extends grace period to comply with Importers Registry Act","author":"enterpriseam admin","date":"27 August 2017","format":false,"excerpt":"The Trade and Industry Ministry plans to extend the grace period to comply with amendments to the Importers Registry Act to December from September, minister Tarek Kabil announced on Thursday, according to Al Borsa. 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