Minister of Finance Mohamed Maait said on Tuesday that the application for the tax-free car import initiative for Egyptians working abroad will close after 26 days, adding that there is no intention to further extend the operation. Maait added that 100,000 Egyptians residing abroad have registered electronically to benefit from this initiative. Maait also announced the release of 800 imported cars from ports under the initiative and the total value of payments reached about $500m. He added that the recent legislative amendments include reducing the customs tax by 70%. It also 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, the type of fuel, and the Egyptians residing in these countries, who transferred the money. Maait said that the government is committed to paying the deposits of Egyptians abroad who benefit from the initiative to facilitate the import of cars, on the scheduled dates, at the exchange rate at the time it becomes due. He said that his Ministry considers it an obligation the public treasury handles, explaining that whoever wants to withdraw the transferred amounts from their account, in favor of the Ministry of Finance and exit from the initiative after a year has passed from the date of import approval, shall fill out an application for that purpose on the e-platform. They will obtain it at the exchange rate at the time of recovery within three months. He said that there is a document of entitlement from the Ministry of Finance to 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 (NBE). The Minister of Finance 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 five, 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.
