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Inventory valuation

Inventory valuation is a method that shows how much profit a business generate over a certain period of time. Inventory valuation is one of the most important and necessary steps in inventory management, and it shows the total cost of the current inventory.
Inventory valuation is the total amount spent on purchasing and maintaining inventory.
Know the difference between inventory valuation and cost of goods sold.

Annual inventory instructions

 

It is forbidden to buy or sell during the inventory, as shops and warehouses are closed until the inventory is over.
The number of the last supply and the last invoice shall be written, and this shall be noted in the record of the inventory process.
The items are arranged and grouped before the start of the inventory so that each item is in one place and it is forbidden to have the item in more than one place in the same store.
The product must be taken out of the boxes and removed from the shelves to ensure its presence and safety.
It is forbidden to have multiple inventory committees in one store and it is forbidden to transfer an item from one place to another during the inventory.
Work on the accounting system is stopped, and the inventory report is printed before the inventory to ensure any modification to the system during the inventory.
Inventory pages numbered and signed at the end of each page.
It is forbidden to estimate or assume, and when there is any doubt, the inventory is returned to the item whose quantity is doubtful.
The warehouse shall be handed over as custody to the inventory committee until the inventory is completed.
The inventory form is printed from the system according to the sequence of items in the system, and the inventory quantity is written in front of each item so that it is easy to enter the system later.
The store is divided into tracks or shelves, and the inventory starts from a specific corner, and the inventory ends there.
The shelf or bin that was inventory is marked.

Reda Abdel Qader, Assistant Minister of Finance for Tax Authority Affairs:

 

• Nearly 14 million receipts have been sent to the electronic receipt system so far.
• The electronic delivery system aims to contribute to the integration of the informal economy into the formal economy.

 Mokhtar Tawfik, head of the Egyptian Tax Authority:

• Holding several workshops with the funders of the second stage, to introduce the electronic receipt system and how to technical integration with it for the funders who are obligated to the second stage of the application.
• The funders of the second phase of the electronic receipt system must attend the workshops organized by the authority to benefit from them in integrating with the system before the date of the obligation.

Reda Abdel Qader, Assistant Minister of Finance for Tax Authority Affairs, stressed the keenness of the Ministry of Finance and the Egyptian Tax Authority to facilitate financiers to join the electronic receipt system, especially since the implementation of the second phase of the electronic receipt system begins on October 1, pointing out that the total of sent receipts has reached The system has so far nearly 14 million receipts.

Reda Abdel Qader added that the electronic receipt system is a natural extension of the electronic invoice system to cover all types and forms of electronic transactions from all parties, pointing out that the electronic receipt system aims to contribute to the integration of the informal economy into the formal economy, and the formation of an accurate database that can be relied upon. Subsequently, it must implement data analysis and decision support systems, achieve the principle of equal opportunities among financiers in the Egyptian market, and collect dues from the state’s public treasury.

Mokhtar Tawfik, head of the Egyptian Tax Authority, indicated that the authority provides full support to the financiers who are obligated to join the electronic receipt system, as several workshops are held with the funders of the second phase of the electronic receipt system, to introduce the system and how technical integration with it, calling on the funders of the second phase of the receipt system to need Attending workshops organized by the authority to benefit from them in integrating with the system before the date of the obligation.

The head of the Egyptian Tax Authority clarified that the financiers who are obligated to the first and second stages of the electronic receipt system, and for whom mandatory decisions No. (289) for the year 2022 and (345) for the year 2022 have been issued, can send their inquiries to the following

E-mail :  eReceipt.hd@eta.gov.eg

He added that they can also contact the authority’s integrated call center to respond to all inquiries on the hotline 16395.

The head of the Egyptian Tax Authority added that the electronic receipt system is based on the establishment of a central electronic system that enables the Tax Authority to follow up all commercial transactions for the sale of goods and the provision of services between sellers in sales and service centers and between consumers (B2C), moment by moment, and verify their validity through electronic integration. With vending machines at merchants and service providers (POS) by installing sales monitoring devices in them.

• Importers may add electronic sub-accounts to their customs agents at “Nafeza” e-portal.
• Continuous coordination is maintained with all bodies to ensure optimal implementation of “Advance Cargo Information” (ACI) system
• Starting from October 1^st, 2021, entry of any inbound cargo shall be banned at seaports, except through ACI system.
• Issuance of records for importers, exporters or agents shall be prevented, except for ACI registered members.
• No “export support” shall be given to companies not joining the ACI and electronic bill systems.
• Head of the Egyptian Customs Authority, at the Federation of Egyptian Industries (FEI), states: Joint committee shall be formed to facilitate joining the ACI system.

Head of Tax and Customs Committee at FEI, highlighted:

• High appreciation expressed for the Minister of Finance for his efforts to promote positive interaction with business community.
• We invite companies to register at ACI system to reduce time of customs clearance

—————————–

“We are strongly continuing the implementation of the national project of updating and automating customs management system, according to the presidential directions to facilitate the internal and external trade flows, along with reducing the cost of importation and exportation, decreasing the time of customs clearance and price of goods and services in the domestic markets” Minister of Finance, Dr. Mohamed Maait, assured.

The national single e-portal for national trade “Nafeza” has been updated, and a new version of smart phones’ application has been developed to facilitate procedures for the business community.  Accordingly, importers and their customs agents will be able to access the customs system through their smart phones, Dr. Maait also noted.

“Importers may add electronic sub-accounts for their customs agents via the single online e-portal “Nafeza”.  Besides, companies’ delegates are allowed to create electronic sub-accounts at the e-portal; thus, helping the business community to electronically follow their consignments, the minister added.

The minister further pointed out the importance of strengthening effective communication with business community to overcome any obstacles and facilitate procedures of joining the ACI system, especially given the fact that, as of next October the first, no inbound shipments shall be allowed to enter through seaports except through ACI application.

He noted that there is a continuous coordination with line bodies of the government to ensure the optimal implementation of ACI.  Directions from the Cabinet have been issued for the General Organization for Export and Import Control to not renew or issue new records for neither the importers nor exporters or owners of industrial activity or their customs agents, except for ACI- joined companies, starting from mid-August 2021.  In addition, there will not be “export support” for the companies who did not join ACI and electronic bill systems, starting from beginning of October 2021.

In that respect, Head of Customs Authority, Elshahat Ghetory, held an open dialogue with members of the Federation of Egyptian Industries (FEI) in a seminar about customs procedures to the ACI system, assuring that “we continue holding seminars and training workshops in coordination with Misr Technology Services (MTS) for all Customs Authority’s stakeholders; whether being importers, cargo owners or customs agents.

He explained that the unified electronic platform for the domestic trade “ACI” covers more than 90% of the Egyptian imports, and will extend to Safajah, Newbie, Ismailia, and Aswan before the end of this year, hence there will be an electronic link among all custom ports.

He also added that there is a joint committee with the Federation of Egyptian Industries (FEI) to foster communication with the business community and to ensure positive interaction with them; thus, facilitating the procedures of joining the ACI system.

On his part, Dr. Mohamed El-Bahey, head of tax and customs committee at FEI, expressed his appreciation for Dr. Mohamed Maait for his kind response towards the business community’s suggestions, and for taking instant procedures to facilitate the status for business community and encouraging them to join the new system.  This positive interaction helps in raising the spirit of optimism and confidence on the part of investors.  The minster also called on companies’ owners to register through ACI system before obligatory putting it into force starting from the beginning of October 2021, so as to eventually achieve the desired objective of reducing shipments’ customs clearance time

The said seminar was attended by Dr. Mona Naser, finance minister assistant for customs’ monitoring and development; Mr. Ibrahim Elsegeny, assistant of minister of trade and industry for economic affairs; Mrs. Nagwa Shehata, head of central department of customs’ policies and procedures; Mr. Mohamed Gomaa, head of central department of trade community affairs; Mr. Waleed Hussein, general manager of technical office of the head of customs authority; Eng. Khaled Nasef Selim, consultant of head of Misr Technology Services (MTS); as well as  FEI members and stakeholders.

 

-This inclusion confirms the confidence of the foreign investment community of Egypt’s improved fundaments and that Egypt is being put on the international radar as an investment destination.

 

-Today Egypt’s weight in the index is around 1.85% representing 14 Egyptian Bonds with a total value of around USD 26 billion.

 

-Egypt today has joined the JP Morgan Index for ESG’s with a weight of 1.18%, based on our green bonds.

 

-90% of the investors in the consultation voted for the inclusion of the Egyptian market

 

 

Dr. Mohamed Maait, the Minister of Finance, announced that Egypt has joined the JP Morgan GBI-EM Global Diversified Index with a weight of 1.85% as of the 31st of January 2022 representing 14 Egyptian Bonds with a total value of around USD 26 billion with an average yield of 14.9% and duration of 2.9 years.

 

His Excellency explained that Egypt has joined the watch list of the JP Morgan Index in April 2021 as a preliminary step before the index inclusion, whereby most investors surveyed by JP Morgan team during 2021 confirmed that they were able to access the market and transact bonds and FX without any hurdles. As a result, 90% of the investors in the consultation voted for the inclusion of the Egyptian market, which came as another reassuring factor that Egypt is conforming to international standards.

 

Dr. Maait added that the Index inclusion is considered a milestone regarding debt management reforms and the Ministry of Finance team has been working on this project for almost 3 years to fulfil the requirements of the Index Inclusion; such as and not limited to reshaping the yield curve, elongating the average time to maturity as well as increasing our issuance size per auction to in addition to streamlining the process of the taxation applying the double taxation treaties rates.

 

Ahmed Kouchouk, the Vice Minister of Finance, explained that we have been working diligently on our home-grown economic reform program that led to strong economic resilience and notable improvement in key macro fiscal indicators that also enabled us to meet the index inclusion requirements on the economic front. He added that in line with our Medium-Term Debt Strategy, the ministry of finance took many initiatives to develop the debt capital market to increase foreign investors’ participation and hence the demand which should support in lowering the cost of borrowing.

 

Nevine Mansour, the Adviser to the Vice Minister and the Project Manager, said that over 3 years our team at the Ministry of Finance was in continuous communication with the JP Morgan team to update and align them about all data and information related to the government debt market.

 

She explained that today Egypt is joining 4 indices in the JP Morgan list, namely:

1.The GBI-EM Global Diversified Index with a weight of 1.85%

2.The GBI-EM Broad Diversified Index with a weight of 1.47%

3.GBI-AGG Diversified Index with a weight of 0.24%

 

All based on 14 Egyptian bonds with a total value of USD 26 billion

And the 4th index is the JESG Index with a weight of 1.18% based on our green bond issuance in 2020, which is confirming Egypt’s strategy of sustainability.

Dr Maait also declared the following:

• A new confidence certificate is given to the Egyptian Economy to assure continuity of financial and economic policies’ success adopted by the government
• Moody’s has negatively downgraded the credit ratings for more than 50% of the MENA region’s countries
• Improvement of indicators and continuity of reforms helped to make the national economy more solid against shocks
• The government’s flexible Coronavirus crisis response has sustained growth during “the pandemic” despite the sharp contraction in the tourism sector
• Supporting structural reform agenda to improve competitive capacity of exports and broaden the base of revenues to help the economic growth to be sustainable

Deputy Minister of Finance pointed out:

• MoF achieved strong financial indicators that exceeded the past FY estimations
• Primary surplus recorded 1.4%, and total deficit declined to 7.4% of GDP.

 

 

The Minister of Finance, Dr. Mohammed Maait, assured that “Moody’s” Institution decision to maintain Egypt’s credit rating in both local and foreign currencies as it is at “B2” level, maintaining a stable outlook for the Egyptian economy, reflects the continued confidence of international institutions, especially the credit rating ones, in the Egyptian economy solidity, and its ability to cope positively with the Coronavirus crisis, unlike other counterpart and emerging economies.

Moreover, this decision also reflects Moody’s confidence in the Egyptian economy ability to overcome the internal and external shocks driven by the pandemic, thanks to the solidity and resilience of the frame resistant to shocks, as evident due to the government’s continued implementation of economic, financial, and structural reforms.

Furthermore, the availability of a strong and diversified domestic financing base in Egypt, the high foreign exchange reserve balance, and the government’s continued implementation of the structural economic reform agenda aimed at improving the competitiveness of exports and expanding the revenue base, as the Minister also added.

The Minister noted that Moody’s decision to keep Egypt’s credit rating as it is for the third time respectively during the pandemic represents a continuous consolidation of a confidence generated by the implemented economic and financial reforms during past years. Thus, Egyptian economy was given a great deal of resilience to fund its needs of both local and foreign currencies in spite of Coronavirus outbreak and its negative repercussions on the global economy and region economies.

At the same time which Moody’s kept Egypt’s credit rating as mentioned above, it downgraded and revised down the outlook to negative for 50 % of the MENA region’s countries.  This reflects the effectiveness and balance of economic and financial policies adopted by the government during the past years. It is proven by maintaining achievement of a primary surplus in the State General Budget through achieving savings on public expenditures and increasing the public revenues beside exceeding expectations regarding revenues from taxes. As a result, the government debt as apercentage of GDP reached to 90%, as per Moody’s institution.

The Minister pointed out that Moody’s report expected debt to decline as a percentage of GDP to about 84 % by 2024, supported by the continued achievement of primary surpluses and an increase in economic growth to approximately 5.5% starting from FY 2021/2022. This will extend the life of debt to nearly four years, continuous implementation of the debt strategy efficiently in the medium term, as it reduces the financing needs of the State General budget to less than 30 % of GDP, pursuant to the institution’s estimates, reflected in reducing debt service costs.

He affirmed that there is an importance of continued implementation of the structural reform program adopted by the government to improve the business environment through executing various structural reforms.  These reforms contribute to increase local and foreign private sector investments in all national development projects, such as infrastructure, education, and health. In addition, improving competitive capacity of the Egyptian products and increasing proceeds of non-petroleum Egyptian exports in order to improve trade balance.

The Deputy Minister for Financial Policies and Institutional Development, Ahmed Kouchouk, stated that government’s commitment to continue accelerating economic reforms, and give momentum to economic activity and growth rates was due to the preventive stimulating procedures’ package that reached to 2% of GDP to support the economic sectors and most favored categories. As a result, the economy was able to score high financial indicators exceeding the last FY estimates by achieving a primary surplus reached to 1.4% of GDP, and decreasing total deficit to about 7.4% of GDP as compared to 8% of GDP for FY 2019/2020.  He also noted that the strong performance of public finance was a result of economic performance improvement and rebound amid the precautionary  procedures against Coronavirus. In addition, reform procedures aimed at enlarging tax base and disseminate the automation procedures to improve and simplify the offered services for taxpayers and reducing tax evasion.

Mr. Kouchouk mentioned that the reforms made, and policies adopted helped to gradually decrease the debt service bill because of making the debt life extended and the interest rates for the governmental securities stabilized. Therefore, Moody’s expected that the adopted policies and continued reforms will help allocating high percentage of spending for health, education, and social protection programs.

Mr. Kouchouk indicated that Moody’s experts praised the government’s continued efforts to target reducing the public budget deficit during the fiscal year 2021/2022 to 6.7 % of GDP, while continuing to achieve a primary surplus of about 1.5 % of the GDP. The report presented the key procedures taken by the government to maintain the financial objectives, such as re-rationalizing spending, increasing allocations for health and education sectors, along with “Takaful and Karama”, beside cash transfers for the most-needy groups and supporting export. In addition, the procedures adopted by the government to widen tax base.

The report also confirmed expectations from Moody’s experts that the Egyptian economy will resume its high growth rates of about 5.5 % during the FY 2021/2022, compared to what was expected during the last FY at 2.8 % considering a positive and high expected contribution from several sectors, such as the technology and communications sector, health and government services, wholesale and retail, and agriculture

It is expected that the sectors such as tourism, aviation, transformational industries, building and construction will positively contribute to gradual easing of the restrictions imposed on travel and world trade movement.

Dr Maait also declared the following:

• 3000 beneficiaries received their new vehicles. The State’s Public Treasury incurred EGP 73.3 million in value of the Green Incentive.
• 17,000 new vehicles are planned to be given to beneficiaries during August 2021.
• Government seeks to facilitate measures and to instantly settle any problems to expand the initiative’s base of beneficiaries.

 

Minister of Finance, Dr. Mohamed Maait, stressed that the government closely sticks to presidential directives on the presidential initiative to replace aging vehicle with new natural-gas engine ones.  Amid growing demands on the initiative, officials seek to facilitate measures for beneficiaries in response to any new appearing issues in the phase of practical application. This shall help in instantly resolving any issues related to the initiative and in expanding its base of beneficiaries.

Since the start of vehicles’ delivery in last April to the end of July 2021, 3000 citizens have received their new cars, with almost EGP 73.3 million incurred by the State’s Public Treasury in value of the Green Incentive, stated Dr. Maait.

The Ministry of Finance seeks – in coordination with the relevant different entities- to accelerate work on this presidential initiative in the coming period. 1700 new cars are determined to be delivered to beneficiaries during August 2021. This move conforms with the State’s transformation efforts to green economy, to rely more on clean energy, to localize car manufacturing industry and its feeding industries in Egypt, as well as to ease burdens for citizens by helping them have advanced and economic saving cars against credit incentives and facilities, stressed Dr. Maait.

On his part, Mr. Amgad Mounir, Chairman of the Board of Directors of the Vehicle Replacement Fund at the Ministry of Finance, and Executive Director of the said initiative, confirmed that 3,472 old cars have been scrapped so far.

In the governorates of the initiative’s first phase: “Cairo, Giza, Qalyubia, Alexandria, Suez, Port Said and the Red Sea”, 217 requests were received to replace aging microbus cars with new ones powered by natural gas. Requests were submitted through presidential initiative’s website: www.gogreenmasr.com.  Moreover, 301 requests were submitted for cars at Port Said free zone since the opening of registration for cars at Port Said free zone within the framework of the initiative on July 4, 2021, stated Mr. Mounir.

The entities participating in the initiative, namely the government, the banking sector, car manufacturing companies and insurance companies, all are keen to resolve any issues encountered by the citizens wishing to join the initiative and to offer them relevant facilities, in particular: facilitating credit inquiry banking procedures, to reduce the time required for issuing final approvals on car financing. In addition, limiting cases of applications’ refusal due to failure in finding references of the registered home address or workplace, through customizing fields in the initiative’s electronic website for registering additional data as related to workplace, current domicile, net income, and land phone line, added Mr. Mounir.

In the same context, official spokesman of the Vehicle Replacement Initiative at the Ministry of Finance, Mr. Ahmed Abdul Raziq, noted that applicants, who are wishing to be involved in the said initiative, and whose requests’ requirements are not fully met, were notified via text messages that unless they complete their data and any required procedures before end of August 2021, their requests shall be cancelled.

Mr. Abdul Raziq confirmed that the initiative’s support team replies with high consideration to any inquires received from citizens through both the presidential initiative Facebook page, or via the hotline “15707” for 14 hours a day.

• Health sector’s allocations for FY 2021/2022 hit EGP 275.6 billion, exceeding its constitutional entitlement ratio
• MoF is fully prepared for any additional appropriations during the Budget’s actual execution
• EGP 3 billion is secured to purchase vaccines since the offering for contracting until now to immunize citizens against Covid-19
• The Government is continuously stimulating the economic activity and is keen to deepen private-sector development partnership
• Egypt’s economy to rise up stronger from COVID-19 pandemic
• Egypt was globally ranked 2^nd in “the Economist” Index for returning to pre- pandemic life
• IMF: Spending Egypt’s proactive package effectively helped mitigate health and social impact of the pandemic
• Financial and monetary easing measures contributed to maintain economic stability

—————————————–

The Minister of Finance, Dr. Mohamed Maait, confirmed that the health Sector’s allocations have exceeded the established constitutional entitlement ratio in the FY 2021/2022, to hit EGP 275.6 billion. This made in order to carry out the presidential directives granting top priority to preserving the health of citizens, especially against novel “coronavirus”. The Ministry of Finance is ready to manage any additional appropriations for the health sector during the actual execution of the budget, to enhance its capabilities and provide necessary funds for continue purchasing COVID-19 vaccines, the minister added.

 

The Minister assured that “an open budget is allowed to the health sector to combat Coronavirus and secure the vaccines… as no negligence would be tolerated as regards the Egyptian people’s health”. In addition, a sum of EGP 3 billion has been secured to purchase vaccines, since their offering for contracting so far, to ensure that the largest number of citizens is immunized against the virus, especially in light of the emergence of the fourth wave of Covid-19 in some countries. Moreover, scientific studies have confirmed the effectiveness of vaccines against any mutation of the virus, its ability to limit health impacts, and enhance citizens’ safeguarding. In addition, the returning to pre-coronavirus economic performance indicators and the expansion of vaccination were closely linked, the Minister clarified.

In the same context, the Egyptian Economy will rise up stronger from COVID-19 pandemic, thanks to the achievements of the economic reform program which contributed to enable the government to deal flexibly with the “Corona” crisis. Not only the said but also due to the allocated proactive package that includes prudent and timely fiscal and monetary easing measures, as described by the IMF, helped mitigate both health and social impacts of the pandemic, while maintaining health stability. As Egypt was one of the most effective countries in spending the economic supported packages in facing “Corona”. Consequently, the Managing Director of IMF also praised the performance of the Egyptian Economy as a successful model in economic reform, in which it continued to surpass many economies in the region to be amongst the Arab World’s largest economies in 2020, added by the Minister.

Furthermore, the Egyptian Economy ranked second globally in the “Economist” Index for the return to pre-corona pandemic life, the Minister pointed out. He noted that all Global Rating Institutions maintained Egypt’s credit rating with a stable outlook. However, these institutions downgraded the ratings and revised down to negative the outlook for more than 50% of the African and Middle East countries. This reflects the effectiveness and balance of the economic and fiscal policies of the Egyptian Government during the past years.

Finally, the Minister reconfirmed that the government is adopting policies to face the “Corona” pandemic. These policies are based on the balance between keeping the wheels of production in continued motion and preserving citizens’ health. This will be achieved through moving forward to stimulating economic activity, providing support and assistance to production and economic sectors and to the most affected categories, as well as deepening the development partnership with the Private Sector; in a manner that contributes to raise the living standards of the citizens and enhance the quality of service provided.

• Importers may add electronic sub-accounts to their customs agents at “Nafeza” e-portal.
• Continuous coordination is maintained with all bodies to ensure optimal implementation of “Advance Cargo Information” (ACI) system
• Starting from October 1^st, 2021, entry of any inbound cargo shall be banned at seaports, except through ACI system.
• Issuance of records for importers, exporters or agents shall be prevented, except for ACI registered members.
• No “export support” shall be given to companies not joining the ACI and electronic bill systems.
• Head of the Egyptian Customs Authority, at the Federation of Egyptian Industries (FEI), states: Joint committee shall be formed to facilitate joining the ACI system.

Head of Tax and Customs Committee at FEI, highlighted:

• High appreciation expressed for the Minister of Finance for his efforts to promote positive interaction with business community.
• We invite companies to register at ACI system to reduce time of customs clearance

—————————–

“We are strongly continuing the implementation of the national project of updating and automating customs management system, according to the presidential directions to facilitate the internal and external trade flows, along with reducing the cost of importation and exportation, decreasing the time of customs clearance and price of goods and services in the domestic markets” Minister of Finance, Dr. Mohamed Maait, assured.

The national single e-portal for national trade “Nafeza” has been updated, and a new version of smart phones’ application has been developed to facilitate procedures for the business community.  Accordingly, importers and their customs agents will be able to access the customs system through their smart phones, Dr. Maait also noted.

“Importers may add electronic sub-accounts for their customs agents via the single online e-portal “Nafeza”.  Besides, companies’ delegates are allowed to create electronic sub-accounts at the e-portal; thus, helping the business community to electronically follow their consignments, the minister added.

The minister further pointed out the importance of strengthening effective communication with business community to overcome any obstacles and facilitate procedures of joining the ACI system, especially given the fact that, as of next October the first, no inbound shipments shall be allowed to enter through seaports except through ACI application.

He noted that there is a continuous coordination with line bodies of the government to ensure the optimal implementation of ACI.  Directions from the Cabinet have been issued for the General Organization for Export and Import Control to not renew or issue new records for neither the importers nor exporters or owners of industrial activity or their customs agents, except for ACI- joined companies, starting from mid-August 2021.  In addition, there will not be “export support” for the companies who did not join ACI and electronic bill systems, starting from beginning of October 2021.

In that respect, Head of Customs Authority, Elshahat Ghetory, held an open dialogue with members of the Federation of Egyptian Industries (FEI) in a seminar about customs procedures to the ACI system, assuring that “we continue holding seminars and training workshops in coordination with Misr Technology Services (MTS) for all Customs Authority’s stakeholders; whether being importers, cargo owners or customs agents.

He explained that the unified electronic platform for the domestic trade “ACI” covers more than 90% of the Egyptian imports, and will extend to Safajah, Newbie, Ismailia, and Aswan before the end of this year, hence there will be an electronic link among all custom ports.

He also added that there is a joint committee with the Federation of Egyptian Industries (FEI) to foster communication with the business community and to ensure positive interaction with them; thus, facilitating the procedures of joining the ACI system.

On his part, Dr. Mohamed El-Bahey, head of tax and customs committee at FEI, expressed his appreciation for Dr. Mohamed Maait for his kind response towards the business community’s suggestions, and for taking instant procedures to facilitate the status for business community and encouraging them to join the new system.  This positive interaction helps in raising the spirit of optimism and confidence on the part of investors.  The minster also called on companies’ owners to register through ACI system before obligatory putting it into force starting from the beginning of October 2021, so as to eventually achieve the desired objective of reducing shipments’ customs clearance time

The said seminar was attended by Dr. Mona Naser, finance minister assistant for customs’ monitoring and development; Mr. Ibrahim Elsegeny, assistant of minister of trade and industry for economic affairs; Mrs. Nagwa Shehata, head of central department of customs’ policies and procedures; Mr. Mohamed Gomaa, head of central department of trade community affairs; Mr. Waleed Hussein, general manager of technical office of the head of customs authority; Eng. Khaled Nasef Selim, consultant of head of Misr Technology Services (MTS); as well as  FEI members and stakeholders.