Customs
Egypt and the United Kingdom must rapidly finalize an ongoing customs tariff review to significantly boost agricultural trade and mutual investments, according to a Monday Foreign Ministry report.
The service is being introduced through the consumer finance company Valu, making it the first provider to enable installment-based payments for this category of fees.
Finance minister says Egypt’s priority is securing basic needs, expanding targeted support, and tracking markets daily amid turmoil.
Egypt holds cross-ministry meeting to modernize expat services, covering customs, education equivalency, consular digitization.
This includes assembly and feeder companies, as well as all entities participating in the national program for the development of the automotive industry
As of March, the accumulated value of goods at Egyptian ports, including petroleum products, stands at approximately $6 billion, Ghatouri added.
These decisions included the exemption of customs duties on goods and the floating of the Egyptian pound.
Madbouly highlighted that this phase is characterized by numerous positive indicators, with a notable focus on the gradual restoration of remittances from Egyptians residing abroad to their regular levels
"During the past 10 days of March, there has been an increase in the release rates of basic goods and directly supportive production requirements for the industry," the Finance Minister, Mohamed Maait, said.
The goods were distributed as follows: $280 million on Thursday and $500 million on Friday.
This directive was given during a meeting on Sunday, chaired by the Prime Minister, to monitor the provision of necessary financing in foreign currency for strategic goods and medicines.
Egypt consulted with the business community and investors prior to recently updated customs legislation to streamline and modernize procedures, aiming to facilitate both domestic and international trade, wrote an official statement from the ministry
Egyptian authorities have placed an emphasis on accelerating the release of goods, particularly basic commodities, as part of efforts to curb inflation and rising prices
This came in ETA’s Head’s, El-Shahat El-Ghatouri, speech delivered on his behalf by Ahmed Abu Al-Hassan, ETA’s Deputy Head, on the sidelines of the fourth day of the launch of the activities of the Intra-African Trade Fair (IATF2023).
The Egyptian government continues to work on accelerating customs releases in order to tackle challenges created by a disrupted global supply chain and a shortage in foreign currency
The release of goods prioritized essential commodities, food manufacturing ingredients, medicines, and production supplies, ensuring uninterrupted Egyptian production
Most of the quantity was brought in by expats residing abroad, mainly in Gulf countries.
The guide includes determining customs procedures on imports under the temporary release system, procedures for goods received for display and return fees, and procedures for refunding value-added tax for foreign departures.
The draft law stipulates that “an Egyptian who has a valid residency abroad has the right to import one private passenger car for his personal use, exempt from taxes and fees that had to be paid to release the car, including the value-added tax and the schedule tax.
The committee should group senior officials of the customs and tax authorities, the Finance Ministry said in a statement Sunday.
