51 brokerage companies granted licences to offer short-selling in Egypt's stock exchange    China makes unexpected short-term funding rate cut, the first since 2015    Kuwait PM Jaber al-Mubarak declines reappointment as prime minister    To prevent dementia, exercise is the answer – researchers say    Tennis: New Davis Cup format must be given chance to succeed, says Murray    LIVE: Comoros v Egypt (2021 Africa Cup of Nations qualifiers)    Iran's Khamenei backs fuel price hike, blames ‘sabotage' for unrest    Protesters block entrance to Iraq's Umm Qasr port    Hong Kong protesters pinned back on campus, violence escalating    European shares climb as U.S.-China trade talks dominate sentiment    Banks elevate Saudi stocks; other Gulf mixed    Netherlands back where they belong: Van Dijk    What's next: Trump impeachment hearings enter crucial stretch    Sisi flies to Germany to attend G20 Compact with Africa meetings    Lebanon banking association agrees $1,000 weekly withdrawal cap: Statement    In Photos: Cairo Circus promises impressive shows this season    Bank workers in Lebanon to remain on strike on Monday: Union    Apple Watch detects irregular heartbeats in US study    Egypt's El-Badry promises performance will improve after Salah's return    Saudi Aramco to sell small stake on Riyadh exchange    Egypt to host the second trilateral meeting over GERD in December    The Jobs with the best and worst heart health according to Bupa study    Children are nearing slavery due to digital development: Al-Azhar grand imam    Big production Mamalek El-Nar to scan Ottomans' history on Saudi MBC    Bridging East and West: Egyptian musicians Abdallah Abozekry and Ali Baghdady in Paris concerts    Six people killed, 16 injured in fuel pipeline explosion in Behaira    Liverpool's forward Salah out of Egypt games with ankle problem    GERD: An ‘adaptive' agreement    10 tips to have your 30s starting a lifelong success    Nike to investigate its Oregon Project following Mary Cain's NYT op-ed    ‘Shining' sequel ‘Doctor Sleep' targets $25 mln opening, has Stephen King's blessing    Sisi: Egypt believes in comprehensive approach to human rights    Egypt rejects politicised reports on human rights conditions – parliament    Egypt to vote on 3-month extension of state of emergency Monday    Al Pacino says follows this mantra on every acting job    Remembering Mustafa Mahmoud, philosopher of his time    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Egyptian parliament's budget committee begins discussing new customs law
Published in Ahram Online on 13 - 10 - 2019

The Egyptian parliament's budget and planning committee began on Sunday discussing a new government-drafted law aimed at regulating customs.
The meeting, headed by chairman of the committee Hussein Eissa, included representatives from the ministries of finance, housing, petroleum, antiquities, and higher education.
Officials from the customs authority, the federation of industries, union of chambers of commerce, and the Ministry of Defence's National Service Apparatus also participated in the meeting.
Eissa said that the law states that all customs systems in Egypt will be regulated by a single piece of legislation.
"It also stipulates that all goods that enter the country's customs province pay import taxes," said Eissa, adding that "the draft law allows businesses to pay customs taxes on machines, equipment, and production lines and requirements on instalments."
Eissa said the law also regulates the settlement of commercial disputes.
"It allows businesses to file complaints before they resort to arbitration in order to help settle disputes between owners of goods and the customs authority," said Eissa.
The government's explanatory note says that the law states that all customs systems will be governed by one legislation.
"This is necessary in order to modernise the Customs Law (66/1963), which has been in effect for 56 years and now it is high time for this law to be amended to go in line with developments in world trade," the note said, adding that "the two laws regulating customs and customs exemptions will be also unified under the new customs legislation," Eissa said.
"Besides, the law includes articles on electronic signature, paying customs taxes on instalments and release of goods, and establishes a new risk management system," said the note, adding that "the draft law also toughens penalties on smuggling in order to safeguard national industry and protect the country from foreign goods that cause harm to health and national security."


Clic here to read the story from its source.