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Egypt denies reducing maximum limit of tourist purchases from duty-free market New Customs Law aims to encourage foreign investment, simplify procedures relating to international trade
Egypt denied, on Sunday, reducing the maximum limit of purchases by tourists and Egyptians returning from abroad at the duty-free markets. Some websites published reports about the possible decision, coinciding with the implementation of the new Customs Law. However, the Ministry of Finance denied the reports, according to the Media Center of the Cabinet. The ministry said that the Customs Law No. 207 of 2020 is more flexible in applying customs exemptions for tourists and Egyptians returning from abroad, based on non-compliance with specific items, taking into account medicines prescribed for personal use, in addition to increasing the value of "allowances" exempt from customs tax from EGP 1,500 to EGP 10,000, in line with the liberalization of the foreign exchange rate in terms of the Egyptian currency. The new law aims to encourage foreign investment, unify and simplify the procedures relating to international trade, streamline customs release operations and procedures, and improve the customs tax refund process. The law also seeks to reduce corruption by clarifying the penalties on violators and smugglers. It also introduces a revised post clearance audit process aimed at controlling the import and export activity more efficiently, promoting faster custom clearance of goods at Egyptian ports.
