Home Business Egypt announces conditions to benefit from the automobile import bill for Egyptians...

Egypt announces conditions to benefit from the automobile import bill for Egyptians overseas

The Egyptian Ministry of Finance has announced the conditions that must be met to qualify for the import bill auto for Egyptian expatriates residing abroad, as soon as it is approved by the House of Representatives.

The ministry explained in a release today, Wednesday, that to benefit from the import law auto for Egyptians abroad, there must be a bank account in the country in which the expatriate resides, and has been opened and has the balance that will be transferred at least 3 months before the date of issue of the law on the import of auto for Egyptian expatriates, of which it is currently in discussion in Parliament.

To find out more: The prices of auto in Egypt begin to decline after the initiative of the Egyptians abroad

The ministry added that the vehicle to be imported in Egypt must come from the same country in where the expatriate resides. Take advantage of the advantages and facilities provided by this law for Egyptians residing abroad by exempting theirs auto from taxes and customs at the entrance in Egypt.

The House of Representatives had approved a bill granting certain facilities to Egyptians residing abroad.

The bill provides that “in derogation from the rules and provisions governing taxes and duties due to the importation of motor vehicles for personal use, and the provisions for customs exemptions established pursuant to the Customs Law promulgated by Law no. 207 of 2020, and the import controls established in the same regard, an Egyptian who has a valid residence abroad has the right to import a private car for personal use, exempt from taxes and fees that had to be paid for the release ofautoincluding the value added tax and service tax, according to the rules and provisions of this law, against the payment of an amount in cash in foreign currency, a declaration is not due on it, transferred from abroad in favor of the Ministry of Finance to one of the bank accounts indicated by the decision referred to in Article (8) of this law, with a rate of 100% of the value of all taxes and fees, which had to be paid for the release of theauto, including value tax. “.

Read more: Egypt plans to raise this proceeds in dollars from auto of Egyptians abroad

The bill also provides that the amount in cash transferred to the Ministry of Finance is recovered after 5 years from the payment date, with the same value in local currency in it paid at the exchange rate announced at the time of redemption.

Read more: An official for Al-Arabiya: The difficulties of the initiative to exempt from customs auto of Egyptians abroad

Read More About: Business News


Exit mobile version