Egypt zero-customs car import initiative generates over $750 mln: Finance minister

Ahram Online , Thursday 4 Apr 2024

Zero-customs car import initiative has brought in over $750 million, Minister of Finance Mohamed Maait stated on Thursday, nearly three weeks before the end of the scheme.

Car
Imported cars in Egypt. Photo: Reuters

 

Under the initiative, Egyptian authorities have released 27,000 cars imported to the country by Egyptian expats, Maait added, according to a statement by the finance ministry.

Approximately 490,000 nationals living abroad have registered online for the initiative, and 250,000 import permits have been issued, the statement read.

These permits, Maait said, are valid for five years, with participants allowed to select a vehicle and replace it at any time within the specified time frame.

The initiative, launched in October 2022, allows expats to bring one personal-use vehicle to Egypt without incurring customs duties or taxes, including the value-added tax (VAT).

This initiative requires the Egyptians living abroad to make a five-year bank deposit in foreign currency.

After five years, expatriates could withdraw their money in Egyptian pounds according to the local currency exchange rate at the time of withdrawal, importing their vehicles without customs charges.

Participants can register online using Android and IOS apps.

The initiative’s first phase concluded in May 2023.

The government launched a second phase for three months from 30 October 2023 before it approved a new three-month extension, with the end date set for April.

Maait stressed that the government has no intention to extend the initiative anymore.

The initiative’s first phase has generated around $763 million from 151,000 participating expatriates.

This initiative is part of Egypt's plans to secure $191 billion in foreign currency to address its mounting external debt amid the USD shortage.

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