Egypt attracts $385m from customs-free cars’ imports

Egypt attracts $385m from customs-free cars’ imports

Egypt has attracted $US385 million from its initiative allowing expats to import cars for personal use free of customs duties and taxes in exchange for a deposit in foreign currency, according to the Ministry of Finance.

The ministry said 600 imported cars have been already released in Egypt, noting that the government has been receiving 3,000 import requests per day since the issuance of recent facilitations.

The facilitations include cutting customs tax by 70 percent, which reduces the sums of money transferred from Egyptians abroad in different countries to the account of the Ministry of Finance by up to 58 percent, according to the engine’s liter capacity and type of fuel.

The deadline for applying for the initiative would be 14 May, Finance Minister Mohamed Maait said, noting that there will be no further extension.

The initiative, approved by the Cabinet in October, allows expats to not pay custom taxes for importing their vehicles into Egypt and instead send the money to the Finance Ministry as a foreign currency deposit for five years.

After the five-year term ends, expats will be given back the money in local currency, the Egyptian pound, with no interest.

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