The new explanations contribute to mitigating disputes on the definitions of items, Minister of Finance Mohamed Maait commented.

Maait added that the new rules improve the work environment in the customs outlets.

Moreover, the finance ministry's statement noted that the new explanations include the Harmonized System Nomenclature 2022 edition, issued by the World Customs Organization.

Egypt making it easy for investors

The Egyptian government has taken several decisions to ensure simplified procedures for investors and businesses.

The government recently approved amendments to the investment law that facilitate issuing licences for private free zone projects.  

Prime Minister Moustafa Madbouly issued instructions to establish a permanent cabinet unit in order to propose policies, laws and regulations that ensure the growth and prosperity of startups in Egypt.

In May, Egypt's newly restructured Supreme Council for Investment approved 22 decisions to encourage FDIs and private investments in Egypt.

The decisions include many proposals for legislative amendments, including reducing the cost of establishing companies, simplifying the required approval procedures and their duration, and expanding the issuance of the Golden Licence.