Exempting Egyptian Expats from Customs Duties on Imported CarsSource: www.export-egypt.com 11/15/2022, Location: Africa |
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The Cabinet announced the executive regulations of a law that makes it easier for Egyptian expats to import cars for personal use.
The law will be in force a day after being published in the official gazette. Under the law, Egyptians from 16 and above, who have valid residence permits abroad and bank accounts, which should be at least three months old, have the right to import one private passenger car for their personal use. The law stipulates that Egyptians who have dual citizenship can benefit from the law. Eligible Egyptian expats can deposit in foreign currency the value of the customs duties and taxes that they would have paid for releasing their car from customs to the Ministry of Finance as a five-year bank deposit without interests. Five years later, the expat will be able to withdraw the money in Egyptian pounds at the value of the local currency at the time of withdrawal. The law does not prohibit the sale of the car after importing it. Under the law, Egyptian expats can import used cars provided that the manufacture year should be 2019 or later. The imported car should be for personal use only and not for commercial purposes. If the expat resides in a landlocked country, he can ship the car from any country that enjoys with Egypt the same customs and commercial transaction regulations. |
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