Minister of Finance Mohamed Maait announced on Saturday that the application deadline for the tax-free car import initiative for Egyptians working abroad was set at 14 May, adding that there is no intention to further extend the operation.
Maait added that the Egyptians abroad imported 600 cars under the initiative, and the total value of payment amounted to $385m so far.
He pointed out that 3,000 import requests are received daily after applying the new facilities, according to the recent legislative amendments, which include reducing the customs tax by 70%, which 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 are reduced at a rate of up to 58%, depending on the liter capacity of the engine and the type of fuel.
Egyptians residing in these countries, who transferred money before amending the law on the initiative, must apply for a refund of the customs tax differences after it has been reduced, and it will be refunded in the foreign currency within 6 months from the date of submitting the application on the electronic application for the cars of Egyptians abroad.
Maait affirmed the government’s commitment to paying the deposits of Egyptians abroad, who benefit from the initiative to facilitate the import of cars, on the scheduled dates, at the exchange rate at the time it becomes due considering it an obligation on the public treasury, indicating that whoever wants to withdraw the transferred amounts from his account, in favor of the Ministry of Finance, and exit from the initiative after a year has passed from the date of import approval, he must apply on the electronic platform, and he will obtain it at the exchange rate at the time of recovery within 3 months.
He explained that there is a deed of maturity 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 in the Central Bank.
He pointed out 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, and 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.
