Tax-free car import initiative valid again for registered Egyptian expats: Minister

Ahram Online , Friday 11 Aug 2023

Minister of Emigration and Expatriates Affairs Soha Gendy said those who previously registered for the initiative enabling Egyptians living abroad to import a tax-free car into Egypt can still benefit from it even after it officially expired in May.

A file photo of imported cars in Egypt. Photo : Reuters


“All those who registered [their data] on the [The Cars of Egyptians Abroad] app but time was not on their side can proceed to finalize the steps necessary to requesting the car [import] and opening time deposits,” Gendi said in a Facebook post on Thursday.

She noted that individuals who obtain import approvals can continue with the procedures of importing the cars under the initiative.

The initiative, which concluded on 14 May, allowed Egyptian expats to import tax-free cars, provided they invest the equivalent sum of saved duties and taxes in foreign currency within a five-year certificate of deposit, devoid of interest.

This initiative emerged while Egypt worked to increase its foreign currency inflows amid the global economic crisis and the pressure it exerted on the local currency, resulting in a crunch of US dollars.

The tax-free car import initiative garnered over $760 million in foreign currency in seven months, according to official data.

In her recent Facebook post, Gendy also underlined that expatriates whose time deposits exceed the value of the imported car taxes would receive detailed emails outlining the amount due, commencing this Sunday.

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