Regulatory Alerts2017-06-06
Added · Updated
Circular Letter Dated June 5, 2017 Regarding the Payment of the Value of Imports Exceeding Two Thousand US Dollars by Banks
The Ministry of Trade and Industry amended the Executive Regulations of Import and Export Law No. 118 of 1975 to require that the payment for imports exceeding two thousand US dollars be made through banks holding accounts in Egypt, with the bank electronically notifying Customs of the transfer details. Customs is prohibited from releasing goods until this electronic notification is received, and importers must settle administrative fees collected by banks or Customs directly. The amendment also updates provisions regarding import registration, production project exemptions, special use imports, origin certificates, and inspection procedures, with a compliance deadline of six months for general provisions and three months for specific articles.