Egypt approves new facilities on customs tax for used electric cars

ArabFinance: Minister of Finance Mohamed Maait issued a decree including new facilities regarding the customs tax for used electric cars, according to a recent statement by the ministry.

The new decision, which comes in line with the state's efforts to expand the use of electric vehicles, is applied to cars with an electric motor or with dual motors (electricity, gasoline).

Maait added that the decision included granting used passenger cars that operate with an electric motor or dual motors a 10% discount from the Free On Board (FOB) value, provided that the import rules are met, which are received in Egypt from October 1^st of the model year until September 31^st of the following year.

All used passenger cars meet the import rules, and which are returned to Egypt after the end of September of the year following the model year, a deduction of 10% of the FOB for each year of the following two years starting from the month of October of each year.

Maait concluded that the newly released decision comes in light of the states tendency to rely on clean cars to preserve the environment and save energy since electric cars can travel a long distance with minimal energy consumption.