Egypt collects $685mln from tax-free car import initiative in 5 months

Ghatoury pointed out that the payment orders had reached $1.6 billion at the end of last week, while the number of beneficiaries amounted to 464,000

Staff Writer, Arab Finance

March 13, 2024

PHOTO

Egypt has collected $685 million from the second phase of the tax-free car import initiative since launch last October, Head of the Egyptian Customs Authority (ECA) El-Shahat Ghatoury told Asharq Business.

Ghatoury pointed out that the payment orders had reached $1.6 billion at the end of last week, while the number of beneficiaries amounted to 464,000.

The government secured around $900 million in the initiative’s first phase.

In October 2022, the cabinet approved enabling Egyptian expatriates holding valid residencies to import cars exempted from customs clearance fees and taxes, including the value-added tax (VAT) and payroll tax.

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