$1.8Bn In Payment Orders Issued For Tax-Free Car Import Initiative
Date
4/29/2024 2:37:26 PM
(MENAFN- Daily News Egypt)
Minister of Finance, Mohamed Maait, announced that the deadline for the tax-free car import initiative for Egyptians abroad has arrived. There are no plans to extend the deadline further.
Maait clarified that the crucial factor was the date of transferring the dollar deposit value from abroad to take advantage of the initiative, rather than the day it reaches the Ministry of Finance's account at the National bank of Egypt.
According to a statement issued by the Ministry of Finance on Monday, the total value of payment orders issued to beneficiaries was $1.8bn. Meanwhile, the total value of funds transferred from Egyptians abroad was $767m. The import approval will remain valid for 5 years, during which any car can be selected and replaced. The original owner has the right to import the car without adhering to the year of manufacture, while others must not exceed 3 years at the time of customs clearance.
The minister emphasised that the facilitations provided to Egyptians residing abroad also apply to imports from free zones within Egypt. These procedures align with those for importing cars from abroad. The electronic platform allows applicants to choose one of the free zones within Egypt as the destination. The cash amount due for the car's value is then transferred to the seller's account abroad in foreign currency.
Maait further clarified that over 250,000 import approvals have been issued, resulting in more than 28,000 imported cars for Egyptians abroad. Deposits from Egyptians benefiting from the car import facilitation initiative must be paid promptly at the exchange rate at maturity, demonstrating commitment to the public treasury.
Shahat Gatouri, Head of the Egyptian Customs Authority, reported that over 537,000 citizens residing abroad have registered their requests through the electronic application of the initiative. These participants have created electronic accounts, submitted their data, uploaded relevant documents, and received notifications regarding applicable fees. An international hotline number,“15460,” is available for immediate inquiries related to this initiative. Additionally, a dedicated committee at the ports works tirelessly, even during holidays, to expedite customs clearance procedures.
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