Al-Masry Al-Youm has learnt that customs tariffs have finally been changed. They will no longer be applied to several capital devices, machines and equipment as well as several raw materials and intermediate goods - as they are production inputs – and non-locally produced wood. These items will be exempted from customs fees, while the current tariff (issued in April 2008) is equal to 20%. An official source at the Ministry of Finance said on condition of anonymity that, according to these modifications – which were given their final shape on Tuesday evening – the customs tariff will often be reduced by between 0% and 2%. The source also said that, in order to preserve the balance between the customs tariff, production inputs and final products, these modifications take into account non-locally produced inputs (they are non-locally produced so that a balance can be struck between imported commodities and local products). He said they will be applied to all sectors which demanded a reduction in tariffs (such as engineering, chemical and wood industries) as long as no damage is caused to local products. These modifications are expected to be submitted to Finance Minister Youssef Boutros Ghali and he will in turn forward them to the Supreme Council for Tariffs, which includes Trade and Industry Minister Rachid Mohamed Rachid and Investment Minister Mahmoud Mohieldin. The Council will then discuss the shape of the modifications, which have been set by the Tariffs Secretariat General. The source added that the new customs tariffs would be submitted to the President of the Republic over the next few. He will then issue a presidential decree and they will be applied at gates and ports immediately without them being retroactive.
