Cairo – January 30, 2024: The Ministry of Finance has extended the tax-free car import initiative for an additional three months, explained Finance Minister Mohamed Maait, adding that the initiative is expected to bring in around $2 billion from the first and second phases.
Previous media reports stated that the government collected $800 million in the initiative’s first phase.
The extension comes in response to the significant interest observed in the initiative's second phase, where registrants in the first two months surpassed three times the figures from the initial phase, according to Maait in an official statement.
He added that there is ongoing work to streamline customs clearance procedures for cars imported by Egyptians residing abroad.
Deposits for Egyptians abroad benefiting from the car import facilitation initiative are to be paid at the exchange rate at the time of maturity, serving as a commitment to the general treasury.
Import approval for shipping and importing cars holds validity for five years, with the reduced tax applicable throughout this period. Applicants are granted the flexibility to choose any car and replace it at any time within five years.
The finance minister clarified that multiple individuals within the same family can benefit from the new facilitations for car import, provided they meet the specified conditions.
Maait underscored that the assistance offered to Egyptians residing abroad extends to imports from free zones within Egypt, subject to the same procedures for importing cars from overseas. The electronic platform enables the selection of any free zone within Egypt as the destination, with the due amount transferred to the seller's foreign account.
Be Social
Comments
Leave a Comment