Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Tax-free car import initiative for expats attracts over 450k payment orders worth $1.6bn: Emigration Minister
Published in Daily News Egypt on 04 - 03 - 2024

Soha Gendi, Minister of State for Emigration and Egyptian Expatriates' Affairs, announced that the tax-free car import initiative for expats has received an unprecedented demand. She said that 457,223 citizens have registered on the platform and 450,409 payment orders have been issued, with a total value of about $1.6bn. She added that the actual transfers have reached about $700m so far and the initiative will remain in effect until the end of next April.
Gendi explained that the Ministry launched this initiative in response to the continuous requests of Egyptians abroad over the years. She revealed that Law No. 161 of 2022 was issued to grant some facilities to Egyptians residing abroad and exempt them from all customs, taxes, and fees on their cars, in exchange for a USD deposit for five years that can be redeemed in full in Egyptian pounds at the exchange rate on the day of redemption.
She made these remarks during a speech at a conference, where she reviewed the ministry's work strategy, which included connecting Egyptians abroad with the efforts of the Egyptian state for sustainable development.
Gendi emphasized that the Ministry of Immigration values the importance of effective and continuous communication with Egyptian communities and investors abroad, and strives to solve their problems, address their demands and proposals, and remove all obstacles facing them, as a main goal that the Ministry pursues.
She also stressed that the participation of Egyptians abroad in supporting the Egyptian economy is vital, as dollar transfers from Egyptians abroad are one of the most important sources of hard currency income for the country. She pointed out that dollar transfers to Egypt reached their highest levels in the year 2021/2022, recording $31.9bn, but decreased in 2022/2023, recording $22.1bn.
She attributed this decline to several reasons, such as the outbreak of the Covid19 pandemic in the world and the resulting closure of many companies and organizations, the layoff of Egyptian employees and workers abroad, the currency exchange rate, and the prevalence of the USD black market, the Russian-Ukrainian war, the supply chain crisis, high global inflation rates, high-interest rates, oil price volatility, etc.
The Minister said that despite all these challenges, Egypt's ranking on the list of the largest countries receiving remittances from its citizens abroad has risen from sixth place to fifth place in the world, based on World Bank estimates, after India, Mexico, China, and the Philippines.
She added that the Ministry, in cooperation and coordination with all ministries and agencies in the country, has proposed alternative ways to increase dollar transfers from Egyptians abroad by launching several important initiatives aimed at meeting the demands of Egyptians abroad and helping them overcome the difficulties they face.
She said that one of these initiatives was to cooperate with the CBE and national banks to issue dollar certificates with a high competitive return and encourage the opening of dollar accounts. She noted that the interest rate on dollar certificates was raised to 7% and 9%, which is the highest return on the dollar in the world.
Gendi highlighted the ministry's success in coordinating and cooperating with the relevant authorities and a group of major Egyptian investors abroad to establish and launch a joint-stock company for investments by Egyptians abroad. She said that the company aims to attract investments from Egyptians abroad in various economic sectors, such as industry, agriculture, tourism, construction, and information technology.
Gendi also said that there is close cooperation with the Ministry of Housing to launch a complementary phase to the eighth phase of the Beit Al Watan project to meet the requests of Egyptians abroad.
Gendi also revealed that the first pension document in USD was launched for Egyptians abroad, called "Your pension in dollars", which provides insurance protection and cumulative savings in foreign currency for Egyptians abroad.
Gendi also confirmed that the conscription settlement initiative for Egyptians abroad has been launched and will continue for two months until 14 October 2023, in exchange for the payment of $5,000 or €5,000. She added that the Ministry of Civil Aviation is also offering family airline tickets at a discount of up to 33% for the wives and children of Egyptians abroad, compared to payment in dollars.
Gendi also said that a joint committee of several parties is working to issue the incentives application established by a decision of the Cabinet, under the name of the Portal for Egyptian Workers Abroad, which is affiliated with the Cabinet.
Gendi also explained that the Ministry of Immigration is working to launch the electronic application for incentives and services for Egyptians abroad, in cooperation with the Ministry of Communications and Information Technology. She said that the electronic application will include all the investment incentives and benefits that are offered to Egyptians abroad.


Clic here to read the story from its source.