Egyptian travellers bring home 194 kg duty-free gold in a month: Customs authority

Ahram Online , Monday 12 Jun 2023

Egyptian travellers brought more than 194 kilograms of gold from abroad, exempted from customs duties and other fees, from 11 May to 11 June, reported an Egyptian Customs Authority (ECA) statement on Monday.

Michael Probst / the Associated Press file photo.
Michael Probst / the Associated Press file photo.

 

Travellers should disclose all their belongings to be granted fee exemptions and avoid customs evasion charges, said Shahat Ghatoury, head of the ECA.

Prime Minister Mostafa Madbouly issued a decree on 11 May exempting travellers carrying gold from customs duties and other fees -- except value-added taxes (VAT) -- for a period of six months. The decision is meant to address the shortage in gold supply in the local market, which had resulted in a surge in gold prices.

Unlimited, albeit 'reasonable' 

The decree didn't specify the exact amount of gold that would be exempted from taxes for travellers entering the country.

Ghatoury said last month in a phone call with El-Hikaya TV show that the VAT applies to the gold processing fees, not the total value of gold.

He added that the amount of gold allowed was not specified, but that it should be within "reasonable limits."

Impact on prices

Since the release of the decree, gold prices have seen a considerable decline. A 24-carat gram of gold dropped from EGP 2,915 on 11 May to EGP 2,651.5 on 11 June.

Gold prices stood at $1,961.2 per ounce (28.34 grams) on Sunday, according to Bloomberg.

In the Egyptian market, the price of a pound of gold amounted to EGP 18,560 on Sunday, while 21-carat gold was priced at EGP 2,320 per gram.

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