Several state bodies and unions have been sent the draft statute of the new customs law, announces Finance Minister Mohamed Maait.

The new customs law draft has been published on the ministry’s and the Custom Authority’s websites to allow for open dialogue and suggestions from the business community.

Maait added that copies of the regulations have been sent to all state agencies and relevant federations so that the business community can make its observations and express their opinions on the document within two weeks.

Comments on the regulations will be taken in consideration as the government works to create a consensual formula that will contribute to stimulating investment, expanding the export base, and improving the competitiveness of Egyptian products in global markets.

The minister highlighted that it takes into account comments from those dealing with the Customs Authority and include a precise definition of some terms such as extracts of the shipping list, postal consignments, release routes, and the system of pre-registration of shipments for clarification.

The statute sets strict regulations so that there is no space for personal assessments, Maait said.

He also pointed out that the draft statute includes more flexible provisions in applying customs exemptions for Egyptians and tourists returning from abroad, as the value of "permits" exempt from customs tax has been increased from 1,500 to 10,000 pounds.

Changing the destination of imported goods and which customs system to be applied to them without fines, will be permitted according to Maait as he explained some of the new regulations. This also includes correcting errors in the shipping lists.