Head of the customs authority Galal Abul Fetouh has reiterated that the authority has completed the preparation of the rules and regulations of the new customs law to be directed in the forthcoming da...

Head of the customs authority Galal Abul Fetouh has reiterated that the authority has completed the preparation of the rules and regulations of the new customs law to be directed in the forthcoming days to the People’s Assembly by Minister of Finance Dr. Youssef Boutros Ghali. He said the new contains severe penalties for tax evaders in addition to actual facilities to both exporters and importers. He said there are instructions to customs employees to release goods from customs within a time limit four hours or less depending on the size of the cargo. A plan to coordinate among the various customs sectors has already been prepared to unify decisions and avoid discrepancies. The head of the authority has also stated that an international agreement has been reached with the Chinese customs authority to block open channels among possible tax evasions. (source: Al-Aalam El youm)