The amount of customs collected during fiscal year (FY) 2014/2015 inched up by EGP 3.418bn to record EGP 21.73bn, the Ministry of Finance announced on Saturday. The figures show an increase of 19.4% compared to the figures recorded for FY 2013/2014.
The Ministry of Finance attributed this increase to the revival of economic and security stability in Egypt. The ministry added that the increased value of Egyptian imports resulted in a value increase of collected taxes, along with other factors.
The ministry also said that the regulations and procedures were facilitated in order to improve Egypt’s ranking in the “Doing Business” report, highlighting the waiting period for releasing goods from ports was reduced.
The Customs Authority is currently seeking to unify all procedures at all ports in the country, the ministry added.
In June, former Minister of Industry and Trade Mounir Fakhry Abdel Nour said the completion of the Free Trade Area (FTA) procedures among the three African blocs, SADC, COMESA and the East African Community (EAC), depends on the unification of the rules of origin and tariff.
This will be followed by the approval of parliaments of participating countries on the proposal of the FTA and its rules, he added.