CAIRO – 11 January 2024: The car imports initiative in Egypt has experienced a surge in popularity during the first two months of its second phase, with registrations more than tripling compared to the same period in the initial phase. Finance Minister Mohamed Maait announced the remarkable increase, highlighting the initiative's growing appeal among Egyptians living abroad.
Minister Maait attributed the rising demand to the significant advantages offered by the program to expats. He emphasized the government's commitment to streamlining the process and facilitating participation. In line with this objective, Maait instructed all customs authorities to extend maximum support and expand the initiative's accessibility.
It is important to note that the current phase of the tax-free car imports initiative is set to conclude on January 30, 2024. Under this scheme, expats have the opportunity to import a personal vehicle into Egypt without incurring customs duties or taxes, provided they deposit an equivalent amount in foreign currency into a five-year bank deposit.
In November 2023, Minister Maait revealed that 100,000 citizens residing abroad had submitted online applications for the second round of the car imports initiative. T
he government had recently announced the relaunch of the zero-customs car import initiative for the second time.
According to data released by the Ministry of Finance, the initial launch of the initiative had generated approximately $763 million from 151,000 expats.
Comments
Leave a Comment