CAIRO - 4 April 2024: The deadline for the tax-free initiative for Egyptian expats to import cars is April 29, Minister of Finance, Mohamed Maait announced. Applications must be registered online and the deposit paid by this date.
Additionally, this is the ultimate deadline, and there shall be no further extensions, Maait emphasized.
Minister Maait emphasized that the initiative has resulted in a significant influx of remittances from Egyptians abroad, amounting to $750 million.
The number of imported cars released to Egyptians living overseas is steadily increasing, with a total of 27,000 cars already distributed to beneficiaries.
Furthermore, the minister revealed that the number of approved import initiatives has reached 250,000. These approvals are valid for a period of 5 years, allowing beneficiaries to select any car and replace it at their convenience during this time.
He also clarified that the benefits provided to Egyptians abroad extend to imports from free zones within Egypt. Additionally, the payment for the car's value should be transferred from abroad in foreign currency to the seller's account.
According to Al-Shahat Ghattouri, the head of the Egyptian Customs Authority, a number of 490,000 Egyptians residing abroad have registered electronically to take advantage of this initiative.
Regarding the financial aspects of the program, Maait highlighted the importance of the deposit, which represents a reduced customs tax applicable to cars imported under this initiative. The deposit remains valid throughout the entire duration of the import approval.
It is worth noting that the first owner of the vehicle is not limited by the manufacturing year, while subsequent owners must adhere to a three-year limit. The customs release time for imported cars should not exceed three years.
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