In accordance with the provisions of the law, the Egyptian Minister of Finance, Mohamed Maait, stated that the last day to benefit from the initiative to facilitate the import of cars owned by Egyptians abroad, register with it, and pay the value of the required deposit is May 14. He also emphasized that there is no intention to extend the law's term "facilitating the import of cars owned by Egyptians abroad" once more.
In a statement released today, Saturday, the minister said that 600 imported cars had been released to Egyptians living abroad who took advantage of the law's soft controls.
The minister noted that 3,000 import requests are received daily following the implementation of the new facilities, and that the total value of payment orders transferred from citizens residing overseas has reached $385 million thus far.
The most recent legislative changes included a 70 percent reduction in the customs tax, which applies retroactively to the initiative's beneficiaries in countries outside of trade agreements. This means that the total amount of money transferred from Egyptians abroad to the Ministry of Finance's account can be reduced by up to 58% depending on the engine's liter capacity and the fuel type. Before the initiative changed the law, Egyptians who moved money to these countries must ask for a refund of the difference in customs tax. The money will be refunded in the foreign currency they paid within six months of submitting the request on the electronic application for Egyptian cars abroad.
"We are committed to paying the deposits of Egyptians abroad, beneficiaries of the initiative to facilitate the import of cars, on the dates set at the exchange rate at the time they are due, as it is a commitment on the public treasury," the minister stated. "Whoever wants to withdraw the amounts transferred from his account, in favor of the Ministry of Finance, and exit from the initiative after a year has passed since The import approval date, he applies on the online platform, and he will get it at the exchange
Maait said that citizens who live abroad receive a "receipt of maturity" from the Ministry of Finance on the public treasury. The value of the funds is transferred to the Ministry of Finance's account at the Central Bank.
The minister noted that, as a result of recent legislative amendments, the "import approval" for shipping and importing automobiles has been extended from one year to five years, that the reduced customs tax is valid throughout the "import approval"'s validity, and that the first owner has the right to import the automobile without being restricted by the year of manufacture. Others should not exceed three years at the time of customs release and the end of the initiative's work period on May 14th.
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