CAIRO - 11 December 2020: Minister of Finance Mohamed Maait said on Friday the power of administrative seizure has been revoked from all revenue authorities.
The administrative seizure decision shall not be taken except after contacting the activity’s owner and being approved by the competent committee, chaired by the deputy finance minister for financial policies and institutional development, Maait said during a meeting with chairman of the Federation of Egyptian Chambers of Commerce (FEDCOC) Ibrahim el Arabi, along with other senior officials.
The decision shall then be ratified by the finance minister, he added.
The minister noted that today’s decision comes in light of the importance attached to boosting production and keeping the presence of staffers.
He pointed out that the decision also aims to avoid the negative consequences of administrative seizures on the investment climate.