New unit under finance ministry to streamline customs, tax procedures for automotive industry

Cairo – August 27, 2024: Minister of Finance Ahmed Kouchouk issued Resolution No. (335) of 2024, announcing the establishment of a new dedicated central unit to streamline customs and tax procedures for the automotive industry.

Operating directly under the Ministry of Finance, the new unit will focus on facilitating procedures for entities involved in vehicle manufacturing, aiming to promote and strengthen the local automotive industry.

This includes assembly and feeder companies, as well as all entities participating in the national program for the development of the automotive industry.

The unit will be tasked with unifying the application of customs and tax rules for entities involved in the automotive industry, ensuring consistent implementation across various outlets and tax offices.

Second, the unit is tasked with developing effective solutions to address problems and obstacles encountered in customs and tax procedures, including resolving issues related to imports and exports. This could include description, classification, valuation, and tax accounting, in a timely and unified manner.

It’s third main mandate is preparing detailed statistical reports on customs and tax transactions related to the automotive industry to better track its compliance and efficiency.

The Secretary General of the Environmentally Friendly Automotive Industry Finance Fund will oversee the unit, providing both direct and administrative supervision. It will also consist of representatives from both the Egyptian Customs Authority and the Egyptian Tax Authority.

Kouchouk mandated that the heads of the Egyptian Customs and Tax Authorities will need to act promptly on the unit’s recommendations to address any issues that may come up.

The Secretary General of the Environmentally Friendly Automotive Industry Finance Fund must submit a monthly report to the Minister of Finance, detailing the unit’s progress, achievements, and efforts to resolve challenges faced by automotive sector companies.

Customs ports, centers, tax offices, and other entities affiliated with the Ministry of Finance are required to coordinate with the unit and provide all necessary data to support its operations, the minister added in the resolution.