Arab Finance: The Egyptian cabinet has approved extending the period of the tax-free car import initiative for another three months to widen the beneficiary base, Minister of Finance Mohamed Maait said.

The minister noted that the number of beneficiaries has increased by more than three time during the first two months of the initiative’s second phase, as compared to the same period during the first phase.

He also added that the government is expected to collect around $2 billion from the initiative’s first and second phases.

It was previously reported that the government collected a sum of $800 million in the initiative’s first phase.

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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