Minister of Finance Mohamed Maait has said that 105,000 Egyptians residing abroad have registered electronically for the tax-free car import initiative, adding that the total payments reached $525m. There are only 19 days left until the end of the initiative and it will not be extended, Maait added on Tuesday. The Minister of Finance pointed out that the recent legislative amendments include reducing the customs tax by 70%, and it 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 in these countries to the account of the Ministry of Finance are reduced by up to 58%, depending on the liter capacity of the engine, and the type of fuel, stressing that the Egyptians residing in these countries, who transferred the money before amending the law on the initiative, should submit a request to refund the customs tax differences after reducing it, and it will be refunded in the foreign currency paid within 6 months from the date of submitting the application. Maait affirmed the government's commitment 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 a commitment on the public treasury, indicating that whoever wants to withdraw the amounts transferred from his account in favor of the Ministry of Finance must exit the initiative after a year has passed from the date of the import approval is to apply on the electronic platform and obtain it at the exchange rate at the time of recovery within 3 months. He explained that there is a due document 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 at the National Bank of Egypt. He indicated 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, and the end of the work period with the initiative on 14 May.
