A file photo of imported cars in Egypt. Photo: Reuters
Minister of Emigration and Egyptian Expatriates' Affairs Soha Gendy said the action aims to open the initiative for expats who were not able to benefit from the first launch.
The draft law allows Egyptians living abroad or their families to have one personal-use vehicle shipped to the country without paying customs duties or taxes, including the value-added tax (VAT). Instead, participants are required to deposit the value of the customs in a foreign currency, which is then returned to them in Egyptian pounds.
Gendy added that the government reopened the initiative based on expats’ requests.
The draft law can be extended for another three months with the Cabinet's approval.
Gendy highlighted that expats can register for the initiative through Android and IOS.
The first zero-customs car import initiative ran from October 2022 through May 2023.
Those who previously registered for the initiative can still benefit from it if they complete the necessary steps, Gendy noted last August.
The relaunch of the initiative came as part of Egypt's efforts to increase foreign currency inflows into the market amid the severe shortage in hard currency liquidity.
The first launch brought in around $763 million from 151,000 expats, according to the Ministry of Finance.
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