Today, Wednesday, the Egyptian government approved a bill to provide Egyptians living abroad with some exemptions regarding the import of cars in exchange for a dollar amount deposited in the interests of the Ministry of Finance for a period of 5 years without return.
According to a statement by the Council of Ministers, the draft law provides that “exceptions to the rules and regulations governing taxes and duties levied on the importation of passenger cars for personal use and the provisions on customs privileges established in accordance with the Law promulgated by Law No. 207 of 2020, and established in the same question the control of imports, the Egyptian has the right that anyone who has a valid residence abroad import one private passenger car for personal use, exempt from taxes and duties that were payable for the issuance of the car, including value added tax and schedule tax, in accordance with the rules and regulations provided for by this law, in exchange for payment A non-refundable foreign currency amount transferred from abroad in favor of the Ministry of Finance to one of the bank accounts, specified by the decision provided for in Article 8 of the law, in the amount of 100% of the cost the totality of all taxes and fees that should have been paid for the production of vehicles, including value added tax and value added tax.
The draft law provides that the amount of money transferred to the Ministry of Finance is subject to collection after 5 years from the date of payment with the same value in local foreign currency paid in it at the exchange rate announced at the time of redemption. .
An Egyptian who wishes to take advantage of the provisions of this law, on the date of payment of the agreed amount of money, must have a valid legal residence outside the country, be at least 16 years old and have a bank account. abroad that has been open for 3 months At least the husband and children of an Egyptian woman living abroad are excluded from this condition when the other conditions provided for in this article are met.
A vehicle that is imported from a person other than the first owner, in accordance with the provisions of this law, must not be older than three years from the date of entry into force of the provisions of this law from the year of manufacture.
The bill also provides that the Council of Ministers, within two weeks from the date of entry into force of the provisions of this Law, on the basis of the proposal of the Minister of Finance, after agreeing with the Central Bank and the competent authorities, decides on its provisions, accompanied by tables of values of the amounts of money and the type of foreign currency payable, distributed by types and classes of cars and their creators.
In order to benefit from the provisions of this law, the amount of funds provided for in Article 1 must be transferred within a period not exceeding four months from the date of entry into force of the enforcement decision provided for in the previous Article.
An Egyptian who wishes to take advantage of the provisions of this law registers his data and the data of the vehicle to be imported and pays the agreed amount in cash, and in return receives an import permit confirming full payment and the data of the vehicle, and this permit is valid for the completion of the import procedures and release of the imported vehicle within a year according to the Gregorian calendar from the date of its issue in the manner determined by the decision provided for in article (8) of this law.
In the event that the import is not completed within the period referred to in the preceding paragraph, the sum of money previously paid shall be immediately refunded in the same value and in the same currency in which it was paid, without interest.
The Minister of State for Immigration and Egyptian Affairs Overseas, Ambassador Suha Gendi, explained in a video the mechanism to allow Egyptian expatriates to import vehicles that are exempt from customs duties and taxes.
