The Ministry of Finance revealed the main features of the proposed customs law reforms, aimed at facilitating trade and maintaining control over customs ports and systems. Reforms include the introduction of a new system to receive information beforehand on all imported goods, and the implementation of a 0.5% interest rate on delayed payments of customs on imports that are released according to a special customs act. Customs will have the right to prevent the entry of unknown substances that may pose a threat to shipyards, citizens, or national security. In order to avoid smuggling loopholes, the reforms also call for mandatory registration to initiate customs procedures. The reforms also plan to introduce a harsher punishment for smuggling doubling the tax payment and allowing authorities to confiscate smuggled goods by court order. (Daily News Egypt)