FEI’s pharmaceutical division requests customs duty exemption on ineffective materials
Updated 8/26/2024 7:59:00 AM
Arab Finance: The Federation of Egyptian Industries’ (FEI) pharmaceutical division is seeking exemption from customs duties on ineffective pharmaceutical materials, board member Maged George told Al Arabiya Business.
The division has submitted a request to the Minister of Transport and Industry Kamel El Wazir and Chairman of the Egyptian Customs Authority El-Shahat Ghattori regarding this matter, George highlighted.
The request was limited to ineffective pharmaceutical raw materials and did not include cosmetic raw materials, George said.
Furthermore, the FEI’s pharmaceutical division has also urged the government to exempt packaging industry inputs for the pharmaceutical sector from the value-added tax (VAT) as applied to fully imported packaging materials, FEI board member Mohamed El Bahy said.
It is worth noting that 90% of the raw materials used in Egypt’s pharmaceutical industry are imported, according to Head of the Pharmaceuticals Division at the Federation of Chambers of Commerce Ali Ouf.
He added that pharmaceutical firms pay 2% in customs fees on effective materials and 5% on ineffective ones.
It was previously reported that the Egyptian government is expected to raise the prices of 1,600 pharmaceutical products from September until the end of 2025.
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