Headed by Dr. Mostafa Madbouly, Prime Minister
During its meeting today, headed by Dr. Mostafa Madbouly, the Council of Ministers approved several decisions, the most prominent of which are:
The Council of Ministers approved a draft law amending some provisions of Law No. 121 of 1982 regarding the register of importers.
The amendments stipulate that capital amounts may be paid to natural persons, partnerships, limited liability companies, joint-stock companies, and partnerships limited by shares, with the aim of registering in the importers’ register the equivalent of these amounts in freely convertible foreign currencies, in order to facilitate companies whose capital consists of foreign currencies.
The amendment also stipulated that, without prejudice to the provisions of Law No. 121 of 1982 regarding the register of importers, the competent authority in the Ministry responsible for foreign trade may re-register companies previously registered in the importers’ registry if their legal form is changed or their registration number is modified. This is in accordance with the procedures specified by the executive regulations, provided that re-registration in this case is considered an amendment to the data in the register.
The amendment permitted re-registration in the register of importers, in the event of the death of the owner of the sole proprietorship and the desire of the heirs to maintain registration in the register and establish a company for the purpose of practicing the same activity as their inheritor, within one year from the date of death. In this case, the company shall be exempted from the conditions stipulated in the articles of Law No. 121 of 1982 regarding the register of importers, which include registration in the commercial register, business volume, and tax return.
The amendment entrusted the competent authority in the Ministry responsible for foreign trade to reconcile with the accused in the crimes stipulated in the articles of Law No. 121 of 1982 regarding the register of importers. Provided that this is in exchange for payment of an amount not less than the minimum prescribed fine and not exceeding one-third of its maximum in the event that this settlement occurs before the criminal case is filed with the competent court. Or it shall be in exchange for payment of an amount not less than three times the minimum fine, and not exceeding two-thirds of its maximum in the event that reconciliation occurs after the criminal case is filed with the competent court. However, after the ruling becomes final Reconciliation shall be in exchange for payment of an amount not less than the maximum limit of the prescribed fine, and not exceeding its maximum limit
Reconciliation results in the end of the criminal case and the disappearance of all effects resulting from the ruling, as the case may be, and the Public Prosecution orders the suspension of the implementation of the penalty if reconciliation occurs during its implementation.
