Egyptian expats brought in 194 Kg of gold 1 month into tariff exemption

CAIRO – 12 June 2023: Chairman of the Egyptian Customs Authority Al Shahat Al Ghattouri declared in a press statement Monday that 194 kilograms of gold had entered Egypt since the tariff exemption came into force on May 11.

Most of the quantity was brought in by expats residing abroad, mainly in Gulf countries, as they only paid the VAT, but not tariffs, assessment fees or stamp duties.

The 6-month exemption applies to gold jewelry and small items for personal use, but not bars. However, it does not include pearls, precious or semi-precious stones installed on the pieces.

The Customs Authority chiefs noted that the move's objective was lowering local gold prices to global levels, as they had jumped because of the increasing demand not fulfilled by enough supply.