Arab Finance: Egypt has raised up to $760 million from the tax-free car import initiative since its launch, Minister of Finance Mohamed Maait told Asharq Business.

The initiative will expire on April 29^th, Maait stated, stressing that it will not be extended again.

The minister added that over 250,000 import approvals have been issued, with efforts currently being made to speed up the procedures as much as possible, given that these approvals are valid for five years.

In October 2022, the cabinet approved enabling Egyptian expatriates holding valid residencies to import cars exempted from customs clearance fees and taxes, including the value-added tax (VAT) and payroll tax.

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