Regulatory Alerts2015-11-17
A circular dated November 12, 2015 regarding an addition to the products included in the circular on tightening control over export proceeds.
Egypt's Minister of Trade and Industry announces rice export tax exemption as follows: On November 12, 2015, the Governor of the Central Bank of Egypt referred to Dr. Ahmed ElGarably's book, Deputy Governor of the Central Bank of Egypt (as of April 28, 2013), regarding the implementation of export operations for goods listed by the Ministry of Industry and Trade according to Decree No. 235 for the year 2013 through a bank. This is supported by providing a bank certificate to customs before shipping. A decision (No. 797) issued on October 31, 2015, has also added rice to the list of goods subjected to this provision. On July 4, 2016, Trade and Industry Minister Khairy Al-Bahari announced that Egypt's exporters will enjoy a tax exemption on exported rice starting from November 12, 2015. The tax exemption applies to rice with a tariff number (1006.30) under customs when an export fee of EGP 200 is levied. This regulation has been implemented in Egypt since the date it was issued."