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Egypt's customs authority finalises new law streamlining imports

Change aims at improving the investment climate by increasing liquidity and speeding up import procedures

Ahram Online, Wednesday 25 May 2011
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Egypt’s Customs Authority has finalised a new customs law aimed at improving the country’s investment climate which is likely to be approved by the Supreme Council of the Armed Forces within the next three months, according to Al-Ahram newspaper.

 

The new law includes postponing customs payment on goods from factories, allowing buyers to withhold cash until production and make more liquidity available. It will also enable the payment of customs fees in installments.

 

The law will introduce some international concepts such as releasing imported goods on customers’ credibility without inspection in an attempt to speed up import procedures.

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