Egypt's duty-free car import initiative brings in nearly 30% of target

Ahram Online , Monday 8 May 2023

Egypt’s initiative enabling citizens outside the country to import cars free of customs duties and taxes has brought in $713 million in transfers since its launch in October 2022, or nearly 30 percent of its original target, according to figures released by Minister of Finance Mohamed Maait on Monday.

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


Egypt launched the car import initiative in October 2022 to attract foreign currency, with a revenue target of $2.5 billion.

According to Maait’s statement, more than 141,000 Egyptian expats have signed up online for the initiative and 1,100 cars have been released.

He stressed that the registration for the initiative is set to be closed in seven days.

Egyptians over the age of 16 with valid residence permits and foreign bank accounts can import one private passenger car for personal use within five years of enrolling in the initiative.

Participants are required to invest the saved customs duties and taxes in foreign currency in an interest-free five-year certificate of deposit, which can be recovered in Egyptian pounds at the end of the period according to the exchange rate at that time.

Those who live in countries without trade agreements with Egypt can still enroll and receive a 70 percent discount on customs duties.

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