Media ININ Economy We Trust
The Egyptian Ministry of Finance announced that it had released 1,100 imported cars within the initiative of cars for Egyptians abroad, explaining that more than 141,000 residents abroad had registered online to benefit from the facilitated procedures within the initiative, which will actually end on May 14.
The ministry added that the total value of payment orders transferred from residents abroad so far amounted to $713 million.
Dr. Mohamed Maait, Minister of Finance, confirmed that there are only 7 days left, as the period prescribed for benefiting and registering within the initiative to “facilitate the import of cars of Egyptians abroad” ends, and for paying the value of the prescribed deposit, in accordance with the provisions of the law. The minister stressed that there is no intention to extend the law again.
The minister added that the recent legislative amendments include reducing the customs tax by 70% and applying 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 capacity. Engine liters and fuel type. He said 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 paid foreign currency, within 6 months from the date of submitting the application on the electronic application for cars. Egyptians abroad.
He stressed that the ministry is committed to paying the deposits of Egyptians abroad, beneficiaries of the initiative to facilitate the import of cars, on the dates set at the exchange rate at the time they are due, as a “commitment on the public treasury.” Whoever wants to withdraw the transferred sums from his account, in favor of the Ministry of Finance, and exit from the initiative, after a year has passed. From the date of import approval, he applies on the online platform, and he will get it at the exchange rate at the time of refund within 3 months.
He pointed out that there is a “deed of maturity” from the Ministry of Finance, on the public treasury for citizens residing abroad, with the value of the amounts transferred to the account of the Ministry of Finance at the National Bank of Egypt.
The minister indicated that, according to the recent legislative amendments, the validity of the “import approval” for shipping and importing cars has been extended from one year to 5 years, and that the reduced customs tax is valid throughout the validity period of the “import approval”, and the first owner has the right to import the car without being bound by the year of manufacture. . He explained that others should not exceed 3 years at the time of customs release, and the end of the initiative work period on May 14, and the lesson is to transfer the value of the deposit for the car before this date, even if the request is subject to review by the bank or the customs authority to issue the import approval for the car.
