Payment orders of tax-free car import initiative hit $307mln: Egypt

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Total value of payment orders issued for Egyptians residing abroad until March 20 amounted to $307 million, Minister of Finance Mohamed Maait revealed on March 22nd.

Moreover, Maait said that 450 imported cars were released for the benefit of Egyptians abroad with facilitated controls.

The validity of the approval of shipping and importing cars has been extended to five years from a year as per the recent legislative amendments, he said.

The first owner of the car has the right to import it without adherence to the year of manufacture; however, the other owners of the car shall not exceed three years at the time of customs release, the minister highlighted.

He also noted that the tax-free car import initiative is effective until May 4th.

According to the recent legislative amendments, the reduced customs tax by 70% is applied retroactively to the beneficiaries of the initiative, he added.

The total amount of money transferred from Egyptians abroad to the account of the finance ministry is cut by up to 58% based on the car’s engine capacity per liter and the type of fuel, Maait pointed out.

Egyptians living abroad who transferred the cash amounts before the amendments of the initiative shall apply for a refund of the customs tax differences, and it will be refunded in the foreign currency paid within 6 months from the date of submitting orders on the app of cars of Egyptians abroad, Maait said.