Arab Finance: Egyptian customs points have witnessed the entry of more than 194 kilograms (kg) of gold brought by travelers from abroad during the period between May 11th to June 11th, according to a statement on June 12th.
This came one month after the Cabinet ratified a draft law on customs duties exemption on gold imports brought by arrivals from abroad for six months.
However, travelers still have to pay the value-added tax (VAT) on these imports.
The draft law shall not be applicable to natural pearls, cultured pearls, precious stones, and semi-precious stones.
Through this move, the cabinet aims to stabilize gold prices in the market and control gold smuggling across customs points.