Arab Finance: The cabinet has allowed 84,000 Egyptian expats who are registered in the tax-free car import initiative to finalize their payments within a month to obtain import approvals, Minister of Finance Mohamed Maait stated on August 13^th.

He added that the country has already started refunding those who paid 100% of customs duty before reducing it by 70% via a US dollar bank account opened in Egypt or the country of residence.

Import approvals are valid for a period of five years, Maait noted, adding that the lowered customs duty is valid throughout that period.

Importers of first-hand cars have the right to import any model without being restricted to the year of manufacture, whereas importers of used cars shall import models that their time of customs clearance has not exceeded three years.

Egyptians can withdraw their deposits only a year after receiving the import approval and will receive refunds in Egyptian pound within a three-month period at the official exchange rate, Head of the Customs Authority El Shahat Ghatwary said.

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