Egyptian Finance Ministry considers Customs Law amendments
Created: Nov 09, 2010,
modified: Jan 13, 2012,
overall rating: 0.000
The Ministry of Finance is considering a set of Customs Law amendments to hone procedures for vehicle customs clearance, sources said. The amendments would also impact Egypt’s car assembly industry.
Minister of Finance Youssef Boutros-Ghali, in a statement on Saturday, said his ministry will introduce new regulations for temporary customs clearance to prevent abuses of the current system.
The ministry may reduce the period of temporary clearance of vehicles from 6 months to 2 months, he added. A fee will replace the traditional two-month suspension of customs.
The owner of the car will also be able to have his car warehoused for a third month for free until it is exported, according to the new regulations.
Boutros-Ghali said three months is sufficient for expatriate Egyptians and tourists making short visits to Egypt. Egyptians with dual citizenship will not be subject to the new regulations.
The ministry is also considering granting car assembly factories temporary customs clearance for micro-buses. The move aims to enable the factories to learn how to manufacture the vehicles.
Galal Abul Fotouh, ministerial advisor for customs affairs, said the ministry is also examining the possibility of imposing fines--four times larger than the fee paid to suspend the payment of clearance customs--on violators of the new system.
Translated from the Arabic Edition.
Your Rating:
Overall rating: 0.000
Totally voted: 0
Comments
Login/Registration
Weather in:
Exchange Rates
1 USD = 16.200 LE
1 EUR = 18.040 LE
News
-
IMF loan expected next month
Apr 22, 2013, rating: 3.000, 3 votesEgypt may secure an International Monetary Fund loan agreement in about amonth, state news agency MENA reported, quoting "informed" sources ... -
Egypt received 11 million tourists in 2012 and aims to boost that number to 14 million in 2013.
Jan 22, 2013, rating: 3.000, 2 votesEgypt received 11 million tourists in 2012 and aims to boost that number to 14 million in 2013.
-
Egypt limits travelers leaving country to US$10,000 in cash
Dec 26, 2012, rating: 3.250, 4 votesEgypt has banned travelers from carrying more than US$10,000 in foreigncurrency cash in or out of the country ... -
National Coalition on Climate Change for Egypt is born
Nov 30, 2012, rating: 5.000, 1 votesThe global COP18 conference on climate change opens in Doha Monday.About 17,000 participants from all over the world ... -
Egyptian family's average annual income is LE25,000, agency reports.
Nov 29, 2012, rating: 5.000, 1 votesThe average annual Egyptian household income during 2010-2011 wasLE25,353, according to the Central Agency for Public Mobilization andStatistics. -
Judgment for sexual harassment
Nov 14, 2012, rating: 3.600, 5 votesA man was sentenced to two years in prison and fined LE 2,000 for sexually harassing a woman, an ...