Egypt’s Minister of Finance Mohamed Maait has announced that 105,000 Egyptians residing abroad have registered electronically for the country’s tax-free car import initiative, Daily News Egypt reports.
The minister added that the total payments reached $525m.
There are only 19 days left until the end of the initiative and it will not be extended, Minister Maait said, during the April 25 announcement.
The Minister of Finance stated that the recent legislative amendments include reducing the customs tax by 70 per cent. This reportedly applies retroactively to the beneficiaries of the initiative in countries outside the trade agreements, so that the total sums of money transferred from Egyptians abroad in these countries to the account of the Ministry of Finance are reduced by up to 58 per cent, depending on the litre capacity of the engine, and the type of fuel.
Maait emphasised that Egyptians residing in these countries - who transferred the money before amending the law on the initiative - should submit a request to refund the customs tax differences after reducing it. It will be refunded in the foreign currency paid within 6 months from the date of submitting the application.
The minister affirmed the government’s commitment to paying the deposits of Egyptians abroad, beneficiaries of the initiative to facilitate the import of cars, on the dates set at the exchange rate at the time they are due, as a commitment to the public treasury. Whoever wants to withdraw the amounts transferred from his account in favour of the Ministry of Finance must reportedly exit the initiative after a year has passed from the date of the import approval in order to apply on the electronic platform and obtain it at the exchange rate at the time of recovery within 3 months.
He explained that there is a document due from the Ministry of Finance on the public treasury for citizens residing abroad, with the value of the amounts transferred to the account of the Ministry of Finance at the National Bank of Egypt.
The minister stated that, according to the recent legislative amendments, the validity of the import approval for the shipment and import of cars has been extended from one year to 5 years, and that the reduced customs tax is valid throughout the validity period of the import approval. The first owner has the right to import the car without being bound by the year of manufacture and others must not exceed 3 years at the time of customs release, and the end of the work period with the initiative on May 14.
Source: Daily News Egypt
Egypt’s Minister of Finance Mohamed Maait has announced that 105,000 Egyptians residing abroad have registered electronically for the country’s tax-free car import initiative, Daily News Egypt reports.
The minister added that the total payments reached $525m.
There are only 19 days left until the end of the initiative and it will not be extended, Minister Maait said, during the April 25 announcement.
The Minister of Finance stated that the recent legislative amendments include reducing the customs tax by 70 per cent. This reportedly applies retroactively to the beneficiaries of the initiative in countries outside the trade agreements, so that the total sums of money transferred from Egyptians abroad in these countries to the account of the Ministry of Finance are reduced by up to 58 per cent, depending on the litre capacity of the engine, and the type of fuel.
Maait emphasised that Egyptians residing in these countries - who transferred the money before amending the law on the initiative - should submit a request to refund the customs tax differences after reducing it. It will be refunded in the foreign currency paid within 6 months from the date of submitting the application.
The minister affirmed the government’s commitment to paying the deposits of Egyptians abroad, beneficiaries of the initiative to facilitate the import of cars, on the dates set at the exchange rate at the time they are due, as a commitment to the public treasury. Whoever wants to withdraw the amounts transferred from his account in favour of the Ministry of Finance must reportedly exit the initiative after a year has passed from the date of the import approval in order to apply on the electronic platform and obtain it at the exchange rate at the time of recovery within 3 months.
He explained that there is a document due from the Ministry of Finance on the public treasury for citizens residing abroad, with the value of the amounts transferred to the account of the Ministry of Finance at the National Bank of Egypt.
The minister stated that, according to the recent legislative amendments, the validity of the import approval for the shipment and import of cars has been extended from one year to 5 years, and that the reduced customs tax is valid throughout the validity period of the import approval. The first owner has the right to import the car without being bound by the year of manufacture and others must not exceed 3 years at the time of customs release, and the end of the work period with the initiative on May 14.
Source: Daily News Egypt