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High demand for ‘tax-free car import for expats’ initiative: Finance Minister - Daily News Egypt

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High demand for ‘tax-free car import for expats’ initiative: Finance Minister

10,000 registered on digital platform of initiative within 48 hours: Maait


Mohamed Maait, Minister of Finance, said that the initiative of “granting some facilities to Egyptians living abroad in terms of importing one personal-use car” has witnessed a great demand since its launch, as within 48 hours, 10,000 registered on the digital platform of the initiative.

Under the initiative, Egyptians, who have valid residence permits abroad and bank accounts, have the right to import one private passenger car for their personal use without paying fees or customs taxes for four months.

El-Shahat Ghatouri, head of the Customs Authority, said that the initiative started on 15 November and will continue for four months until 14 March 2023. An official app was launched to receive the requests of Egyptians residing abroad wishing to import cars. The process consists of simple steps; register, provide personal data and upload copies of official documents, and applicants will be automatically notified of fees due.

He said that we are keen to provide all possible customs facilities, in accordance with the law, and to simplify procedures to ensure the expansion of the base of beneficiaries of the initiative, explaining that the new facilities for Egyptians residing abroad apply to import from free zones inside Egypt, and are subject to the same procedures established for importing a car from the country of residence and the possibility of choosing one of the free zones inside Egypt as an import destination, provided that the cash amount due to the free zone cars is transferred from abroad, assuming that the shipment is from the country of residence, and more than one person in the same family is entitled to benefit from the new facilities for importing cars, as long as the prescribed conditions are met.

He added that in the event of a ban on opening a bank account in any country, it is permissible, after obtaining a notarized certificate from the Ministry of Foreign Affairs, to transfer from his bank account in any other country, to Egypt, stressing that there is no import approval when managing the cash amount due from inside Egypt.

A statement from the Customs Authority stated that, to benefit from the initiative, the expat must be Egyptian or retain the Egyptian nationality on the date of payment of the due cash amount, be at least 16 years old, and enjoy valid legal residency abroad even if he is not already residing, and he has a bank account. The residence permit has been opened for at least 3 months, and it has the cash amount due at least three months before the transfer date, explaining that these imported cars are for personal use only and may not be used in a commercial activity, but they are not prohibited for sale, and they also do not include transport vehicles or semi-transportation.

The statement indicated that Egyptians residing abroad applying to benefit from the new facilities set for importing personal use cars are not required to pay any fees or other taxes due to the state’s public treasury.

Topics: Car Finance

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https://dailynewsegypt.com/2022/11/19/high-demand-for-tax-free-car-import-for-expats-initiative-finance-minister/
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