President Abdel Fattah Al-Sisi approved on Tuesday the changes to customs duties on a variety of items.
The new changes included setting a 20% tariff on all imports by hotels and tourism businesses, in addition to tariff increases between 5 to 40% on several other items, while import duties rose to 60% from 20%.
Some of the most prominent changes where the 35% reduction in customs on natural gas vehicles, in addition to the reduction on Hybrid vehicles, using both electric and gasoline engines, down to 30% to encourage the use of gasoline as an alternative, while fully electric vehicles are to be exempted.
Moreover, the amendments included imposing a 10% duty on all items that were sent abroad for maintenance and repairs and were re-imported back into Egypt.
Additionally, 2% customs is to be applied on the raw materials and accessories required for the production of infant formula.
Furthermore, clothes, electronics, pet foods, and some other food items are also getting increasingly more expensive as tariffs on them rose to 40%.
On the other hand, there is to be a 110% reduction in the inbound tax for products that contain 30 to 40% with domestic components, while the discount rate will be 115% for products with 40 to 60% with domestic content, and 120% for over 60% local parts between of 30 to 40%, and the tax rate will be reduced by 115% if the rate of domestic manufacturing is more than 40% and over 60%.
