A file photo of Egypt's finance ministry (Photo:Reuters)
Egypt’s finance ministry has announced amendments to the executive regulations of the customs law, with the aim of improving the customs system.
According to the ministry’s statement, the new amendments will allow foreign commodities without customs duties to be transferred to warehouses outside ports, free zones, sue generis economic areas, or to other kinds of ports, in accordance with the transit system, after introducing acceptable guarantees.
“Tax and fees assessment for these commodities will be determined according to article seven of the General Agreement on Tariffs and Trade (GATT), and the new amendments aim to unify customs assessment systems for commodities that are transferred in transit system and to curb misuse of the facilities that are introduced in this regard,” reads the statement.
On the other hand, it is imperative for customs authority, which release the commodities, to release it according to its customs assessment that has been determined in its homeland.