Egyptian expats transfer $713M for car imports through initiative

Egypt's Finance Minister announced that the registration period for the "Facilitating the Importation of Egyptian Cars from Abroad" initiative and the payment of the required deposit will end in just seven days. He stressed that there is no intention to extend the period beyond May 14^th.

Dr. Mohamed Maait added that more than 141,000 Egyptians living abroad have registered electronically to benefit from this initiative, which includes easy procedures and controls.

The release of 110 imported cars for beneficiaries has been completed so far, with a total payment value of $713 million transferred from expatriates to the Ministry of Finance.

The recent legislative amendments include a 70 per cent reduction in customs tax, retroactively applicable to initiative beneficiaries from countries outside of trade agreements. The total amount of money transferred from expatriates in these countries will be reduced by up to 58% based on engine capacity and fuel type.

Egyptians residing in these countries, who have transferred money before the law's amendment, are advised to request a refund of the difference in customs tax after the reduction. It will be refunded in foreign currency within six months of the application on the initiative's electronic platform.

"The Ministry is committed to paying the deposits of Egyptians abroad benefiting from the initiative at the exchange rate at the time of maturity, as it is an obligation on the Treasury," the Minister said.

Those who wish to withdraw the transferred amounts from their account for the benefit of the Ministry of Finance and leave the initiative after one year from the import approval date can apply on the electronic platform and receive the funds at the exchange rate at the time of the refund within three months.

The initiative aims to encourage expatriates to import cars from abroad, contributing to increasing foreign currency reserves and supporting the Egyptian automotive market.

The Egyptian government has been taking steps to boost the country's economy by implementing various measures and initiatives.

The recent amendments to the "Facilitating the Importation of Egyptian Cars from Abroad" initiative aim to provide more incentives for expatriates to import cars from abroad, stimulating economic growth and creating job opportunities in the automotive industry.