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.
This came within the framework of the national project for upgrading and mechanizing the customs administration.
Customs certificates worth LE 1.922 billion have been issued for imports at Alexandria port, the statement said.
“Smoke exports at the General Administration of Smoke Customs in Cairo amounted to about LE 4.67 million,” it added.
This decision comes in line with the state's efforts to expand the use of electric vehicles, especially since Egypt is a promising market for the transportation industry in general.
Minister of Finance Mohamed Mait ordered launching an investigation into the fire that broke out in the Port of Alexandria on Monday.
The Arab Customs Cooperation Agreement was approved by the Economic and Social Council of the League of Arab States in Cairo on September 3, 2015.
Such moves are aimed for the improvement of Egypt's rankings of competitiveness, doing business, and macroeconomic environment.