The minister of finance announced that Egypt will issue a year deadline for traders to settle the status of the temporary release of goods which are imported for the purpose of manufacturing and re-exporting, filling an important gap which was exploited by some smugglers.
He added that the bill allowed for an additional 5% on the percentage of the deceased and the loss of industry raw materials and temporarily released production requirements.
He made clear thate the ministry will carefully consider all suggestions and observations of civil society organisations on the new draft customs law, which was completed and sent to the ministry of trade and industry in order to be presented to the commercial and industrial community.
He continued during a press statement on Wednesday that the draft law provides for several facilities for the commercial and industrial community, such as m omeans to protect national industries from congesting the outlets of tax evasion.
In addition, he went on to say that the new drat draft law also entails the development of work mechanisms at the customs authority throughg allowing pre-customs clearance systems and the pre-clearance of shipments before arrival to Egyptian ports.
Moeit continued by adding that the draft law also establishes a legal basis for documents that are submitted electronically therefore terminating customs’ procedures.
He also said that the draft law rearranges all special customs’ systems, and is in accordance with international best practices so as to push international trade movements into Egypt, where the government aims to turn Egyptian ports into a regional centre for international trade.
Moeit noted that these systems include the transit stage, customs’ warehouses, temporary storage, free zones, special economic zones, free markets, temporary permits and temporary release stages.
Over and above, he pronounced that for the first time the draft law combines customs’ treatment and exemptions in one single law thereby facilitating customs’ procedures. He ensured the law’s commitment to the provisions of the trade agreements associated with Egypt as well as the petroleum and mining agreements.
Finally, he pointed out that the draft law can be disseminated by the minister of finance’s executive regulation within six months from the date of its implementation, pointing out that it has allocated an entire chapter to the regulation of the special customs system.