Minister of Finance Mohamed Maait announced that the Cabinet has approved a three-month extension for the tax-free car import initiative for Egyptians abroad. This decision comes in light of the significant interest witnessed in the second phase, where the number of registrants in the first two months exceeded three times that of the same period in the first phase.
Maait stated today that the registered requests in only the first two phases lead our expectations to around $2bn, and efforts are underway to facilitate customs clearance procedures for the cars of Egyptians abroad. The Finance Minister pointed out that the import approval for shipping and importing cars is valid for five years. The reduced tax is valid throughout the import approval period. The first owner can import the car without restrictions on the manufacturing year, while others should not exceed 3 years at the time of customs clearance. He clarified that more than one individual in the same family can benefit from the new facilitations for car import, as long as the specified conditions are met.
He explained that applicants among Egyptians residing abroad can choose any car and replace it at any time within 5 years. The evaluation of cars and the determination of due amounts to be transferred throughout the five years will continue. Deposits for Egyptians abroad benefiting from the car import facilitation initiative are to be paid at the exchange rate at the time of maturity, serving as a commitment to the general treasury.
Maait emphasized that the facilitations provided for Egyptians residing abroad apply to imports from free zones within Egypt, subject to the same procedures for importing a car from abroad. The electronic platform allows choosing any free zone within Egypt as the destination, with the transfer of the due amount to the seller’s foreign account.
Shihab Ghatouri, the head of the Customs Authority, mentioned that registration requests for the initiative are received through its dedicated electronic application. The process involves simple steps such as opening an electronic account on the digital platform, entering data, and uploading documents. Applicants are automatically notified of the applicable fees.
He further explained that inquiries from Egyptians abroad wishing to benefit from the initiative are instantly answered through the initiative’s dedicated international hotline 15460. Additionally, there is a permanent committee at the relevant customs outlets to overcome any obstacles, with specialised staff working around the clock, including holidays and official breaks, to ensure the swift completion of customs clearance procedures.