Egyptian House of Representatives’ Budget Committee extended Law 161/2022, governing the expat car import scheme, for two months.
The amendment to Article 9 of the law, drafted by MP Hisham Hilal and 60 MPs, if finally approved, will extend the law by an additional two months.
Under the law, expats will be able to import cars into Egypt, paying customs fees, and taxes upfront in foreign currency.
They will then receive a full rebate on the dues in five years’ time — paid in Egyptian pound at the USD-EGP exchange rate at that time and without interest.
This comes as the state works to boost foreign exchange inflows into the country.
The proposed amendment was approved by Minister of Emigration Soha Guindi and Minister of Parliamentary Affairs Alaaeddin Fouad. Fouad said “the amendment will help more foreign exchange receipts to flow into the country’s banking system.”
Deputy Governor of the Central Bank of Egypt (CBE) Sherif Farouk said “the CBE doesn’t object to any amendments that boost Egypt’s foreign exchange. The amendments balance benefits of expats and the country’s needs.”
The law was originally passed On 16 October, the House of Representatives referred the draft law to a joint committee of the committees of plan and budget, economic affairs, constitutional and legislative affairs, and foreign relations.
