Mon, 29 Nov 2021 - 02:42 GMT
Mon, 29 Nov 2021 - 02:42 GMT
A hostess shows up Samsung's new S9 (R) and S9 Plus devices after a presentation ceremony at the Mobile World Congress in Barcelona, Spain February 25, 2018. REUTERS/Sergio Perez
CAIRO - 29 November 2021: Minister of Finance, Mohamed Maait, confirmed that some categories of the customs tariff have been modified; encouraging the national industry and deepening local production, in a way that contributes to stimulating the investment environment, maximizing our production capabilities, and enhancing the competitive strength of Egyptian products in global markets.
The minister explained, in a statement, Monday, that after the approval of the House of Representatives on Republican Resolution No. 558 of 2021 amending some categories of customs tariffs, the customs tax was reduced from 60 percent to 2 percent for “pumping heads for containers filled under pressure” (atomizer heads); As a production requirement for a number of industries.
He stated that a customs tax was imposed on what is contained in the form of “granite slabs” at a rate of 20 percent, while keeping the customs tax, as it is, for blocks of granite, as it is one of the basic needs of the early stages of the granite industry. This is to protect the local granite industry, especially that the final product imported from granite is subject to a 40 percent customs tax, explaining that the customs treatment of the “granite” tariff achieves the required balance between production requirements, intermediate goods, and final products.
He pointed out that a customs tax has been imposed on imported photovoltaic cells as a final product, equivalent to 5 percent, especially that the basic components of photovoltaic cells are already subject to tax categories ranging from 2 to 5 percent, pointing out that the customs treatment of the tariff of "photovoltaic cells" achieves the required balance between production inputs, intermediate goods, and finished products.
He added that a customs tax equivalent to 10 percent was imposed on imported mobile phones; To stimulate the local industry in information technology, especially mobile phones, while keeping computers and their accessories and “tablets” exempt; As one of the main tools for digital transformation and the development of the education system.
Al-Shahat Ghaturi, head of the Customs Authority, said that the decision to amend some categories of customs tariffs was issued in light of the conclusions of the Higher Council of Customs Tariffs, which aimed at addressing customs tariff distortions and setting appropriate tax categories to achieve the required balance between factors activating the production and commercial process. In response to the demands of the industrial sector, recognizing the importance of using tariffs as one of the financial policy tools aimed at encouraging the local industry.
He added that, in accordance with the Customs Law, these amendments to some categories of customs tariffs were implemented as of Sunday, in implementation of the approval of the House of Representatives on Republican Resolution 558 of 2021, pointing to the keenness of the Ministry of Finance and the Customs Authority to interact positively with the business community and study its proposals, and take What is needed towards stimulating the investment climate and encouraging investors to expand their productive activities.