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Alexandria Customs Authority releases European car, spare parts worth over EGP 4bn EGP 1.2bn taxes collected, EGP 1.4bn custom fees exempt due to international agreements
A report received by the Minister of Finance, Mohamed Moeit, revealed that the Alexandria Customs Authority has released about 11,000 passenger cars of different models, worth over EGP 3.28bn in January, which witnessed the first implementation of zero customs on European cars. El Sayed Kamal Negm, the chairperson of the customs authority, said that the value of the custom fees paid on these released cars reached EGP 147.8m. Additionally, the volume of the value-added tax (VAT) collected reached EGP 573.6m. The authority paid EGP 131.7m as the value of the development fee, taking the total amount paid to import these cars to EGP 853.189m. Negm explained that a large number of these cars benefited from the advantages of the Egyptian, European and Turkish agreements that stipulate that there are exemptions and reductions imposed on Egypt's imports of these cars. These cars were exempted from paying over EGP 1.359bn thanks to these three agreements through which the government is hoping to reduce the prices of imported goods for end consumers, in addition to doubling Egyptian exports to the markets of these countries. Regarding other kinds of cars that were imported last month, Negm pointed out that the authority at Alexandria released 727 trucks, micro buses, motorcycles, and agricultural tractors worth EGP 700.456m, as custom fees on them worth EGP 146.552m were collected, in addition to VAT worth EGP 100.1m with total taxes and fees estimated at EGP 246.654m which benefited from the Egyptian, European, Turkish and Agadir deals to exempt the cars from paying about EGP 55.2m. Regarding the spare parts shipments released in January from the Alexandria customs, the chairperson explained that 815 shipments worth EGP 687.785m where received, and custom fees worth EGP 19.853m were paid, in addition to VAT worth EGP 57m, taking the total taxes and paid fees to EGP 76.836m. The shipments have also benefited from the spare parts from the three trade agreements, exempting them from paying EGP 24.712m. He added that these shipments have also paid custom tax and fines worth EGP 55.362m. Negm stressed that the total shipments of cars and spare parts in January were worth nearly EGP 4bn and EGP 661.4m, in addition to customs and taxes exceeding EGP 1.232bn. The value of the exemptions that they benefited from in implementing the three partnership agreements were estimated at EGP 439.2m.
