Egypt's Cabinet Approves A Draft Decree Exempting Travellers from Gold TaxSource: www.export-egypt.com 5/11/2023, Location: Africa |
|
|
|
|
|
The Egyptian government approved a draft decree during its weekly meeting exempting travellers who bring gold from customs duties and other fees -- except value-added tax (VAT) -- for a period of six months.
According to the cabinet, this exemption applies to semi-manufactured gold, gold prepared for currency-trade, and jewellery parts made or coated with a layer of precious metals. However, natural or cultivated pearls, gemstones, and composite or inlaid semi-precious stones on jewellery are not included in this exemption. The government has not specified the exact amount of gold that will be exempted from taxes for travellers entering the country. On Sunday, however, Minister of Finance Mohamed Maait said that the Egyptian government will decide on Wednesday whether to allow those coming from abroad to bring up to 150 grams of gold duty-free. The move aims to achieve stability in gold prices within the markets and reduce smuggling of half-manufactured and manufactured gold. The draft decree was suggested by the Gold Division at the Cairo Chamber of Commerce to ease pressure on local gold supply and reduce prices. The gold market in Egypt has been disrupted due to a set of factors, including shrinkage in supply – due to shortage in US dollars – and ballooned demand. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
|
Egypt >> 11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...
|
|
Egypt >> 11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...
|
|
Egypt >> 11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.
The Cabinet is set to add... |
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | |
