Egyptian cabinet approves law enabling expats to import customs-free cars
Updated 10/13/2022 8:20:00 AM
Arab Finance: The Egyptian Cabinet approved a draft law enabling Egyptian expatriates holding valid residencies to import cars for personal use exempted from customs clearance fees and taxes, including the value-added tax (VAT) and payroll tax, according to an official statement on October 12th.
Expatriates shall transfer an amount in foreign currency to the Ministry of Finance. They shall recover the amount five years after the payment date in local currency at the exchange rate announced at the recovery date.
The new law provisions apply to an Egyptian citizen at a minimum age of 16 years holding a valid legal residency outside Egypt and having a bank account opened for no less than three months.
Spouses and offspring are exempted from the bank account condition.
According to the law, the age of the imported second-hand used car shall not exceed three years.
On a similar note, the Minister of Finance Mohamed Maait told Asharq Business that the decision to exempt expatriates from customs clearance fees will be applied just for four months.
