The Advance Cargo Information (ACI) system has met with overwhelming response, the minister of finance announced on Wednesday.
Minister of Finance Mohamed Maeet went on to say that more than15,000 companies have signed up for ACI, which shows that the business community is keen to benefit from the advantages offered by this system.
ACI shortens the time for customs clearance and reduce import-export costs, Maeet said, adding that about 18,000 transactions were recorded on ACI system since its pilot launch last April, which is the last chance for importers and multinational companies to register on the new system.
As of 1 October 2021, ACI registration will be compulsory, Maeet said.
ACI is part of Egypt’s electronic information platform to facilitate customs procedures, cut clearance time, and reduce the cost of goods on the local markets.
Egypt is one of the first countries in the region to use the ACI system, the minister said.
This is in line with the developed global systems used in cross-border trade, as it is based on processing shipment data during the pre-shipment stage in the country of origin.
The minister said the next stage will see the standard code written on the electronic tax invoice and the import invoice unified, which is part of the Ministry of Finance’s plan for electronic linkage between the tax and customs services.
“It will take place in a way that contributes to facilitating trade and strengthening governance, achieving tax and customs justice, and integrating the informal economy into the formal economy,” the minister said.
The minister stressed the need for greater awareness on the part of importers and owners of goods, as well as foreign exporters, about outcomes of registration on the new ACI system.
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