Arab Finance: The deadline for Egyptians abroad to apply for the tax-free car import initiative is on May 14^th and the state has no intention to extend the deadline further, Finance Minister Mohamed Maait announced on May 10^th.

Applicants can select any car and replace it at any time within five years from the registration date, the minister stated.

As per the recent legislative amendments, import approvals are valid for five years, instead of one year before, and reduced customs duties will be valid throughout the five years, he added.

Maait noted that over 151,000 Egyptians residing abroad have registered electronically to benefit from the initiative, with payment orders reaching a total value of $763 million.

According to the latest amendments, the reduced customs duty by 70% is applied retroactively to the beneficiaries of the initiative, he added.

The total amount of money transferred from Egyptians abroad to the account of the finance ministry is cut by up to 58% based on the car’s engine capacity per liter and the type of fuel, the minister pointed out.

In addition, Egyptian expats who transferred the cash amounts before the amendment of the initiative shall request a refund of the customs tax differences, and it will be refunded in foreign currency within six months from the date of orders submission on the initiative’s app.

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