Customs
As of March, the accumulated value of goods at Egyptian ports, including petroleum products, stands at approximately $6 billion, Ghatouri added.
These decisions included the exemption of customs duties on goods and the floating of the Egyptian pound.
Madbouly highlighted that this phase is characterized by numerous positive indicators, with a notable focus on the gradual restoration of remittances from Egyptians residing abroad to their regular levels
"During the past 10 days of March, there has been an increase in the release rates of basic goods and directly supportive production requirements for the industry," the Finance Minister, Mohamed Maait, said.
The goods were distributed as follows: $280 million on Thursday and $500 million on Friday.
This directive was given during a meeting on Sunday, chaired by the Prime Minister, to monitor the provision of necessary financing in foreign currency for strategic goods and medicines.
Egypt consulted with the business community and investors prior to recently updated customs legislation to streamline and modernize procedures, aiming to facilitate both domestic and international trade, wrote an official statement from the ministry
Egyptian authorities have placed an emphasis on accelerating the release of goods, particularly basic commodities, as part of efforts to curb inflation and rising prices
This came in ETA’s Head’s, El-Shahat El-Ghatouri, speech delivered on his behalf by Ahmed Abu Al-Hassan, ETA’s Deputy Head, on the sidelines of the fourth day of the launch of the activities of the Intra-African Trade Fair (IATF2023).
The Egyptian government continues to work on accelerating customs releases in order to tackle challenges created by a disrupted global supply chain and a shortage in foreign currency
The release of goods prioritized essential commodities, food manufacturing ingredients, medicines, and production supplies, ensuring uninterrupted Egyptian production
Most of the quantity was brought in by expats residing abroad, mainly in Gulf countries.
The guide includes determining customs procedures on imports under the temporary release system, procedures for goods received for display and return fees, and procedures for refunding value-added tax for foreign departures.
The draft law stipulates that “an Egyptian who has a valid residency abroad has the right to import one private passenger car for his personal use, exempt from taxes and fees that had to be paid to release the car, including the value-added tax and the schedule tax.
The committee should group senior officials of the customs and tax authorities, the Finance Ministry said in a statement Sunday.
He asserted the keenness on benefiting from the artificial intelligence technology in analyzing and handling data to contribute to determining the risks of each element of the exports operation to guarantee the quick release of goods and improve the quality products in the markets.
Samples of Kinder Surprise chocolate eggs will be sent to the labs of the Ministry of Health and Population for analysis.
Maait added that the Ministry of Finance has made great strides in modernizing and mechanizing the customs system by modernizing the legislative structure by issuing the new customs law and its executive regulations, and implementing the “single window” system.
This comes within the customs exemptions offered for exported strategic goods in order to reduce the process time at customs facilities, reduce the logistics cost of businesses and help meet the local market’s needs.
The new tranche of customs cuts comes as a continuation of the list of goods that were completely freed from customs duties during September last year, which included about 600 goods.
