105,000 Egyptian expats register for tax-free car import initiative: Finance Minister

105,000 Egyptian expats register for tax-free car import initiative: Finance Minister

Egypt - Minister of Finance Mohamed Maait has said that 105,000 Egyptians residing abroad have registered electronically for the tax-free car import initiative, adding that the total payments reached $525m.

There are only 19 days left until the end of the initiative and it will not be extended, Maait added on Tuesday.

The Minister of Finance pointed out that the recent legislative amendments include reducing the customs tax by 70%, and it applies retroactively to the beneficiaries of the initiative in countries outside the trade agreements, so that the total sums of money transferred from Egyptians abroad in these countries to the account of the Ministry of Finance are reduced by up to 58%, depending on the liter capacity of the engine, and the type of fuel, stressing that the Egyptians residing in these countries, who transferred the money before amending the law on the initiative, should submit a request to refund the customs tax differences after reducing it, and it will be refunded in the foreign currency paid within 6 months from the date of submitting the application.

Maait affirmed the government’s commitment to paying the deposits of Egyptians abroad, beneficiaries of the initiative to facilitate the import of cars, on the