The House of Representatives of Egypt has finally approved a bill submitted by the government to exempt cars imported by Egyptians abroad from taxes and customs duties.
The meeting discussed the articles of the bill after considering the report of the Committee on the plan and budget on the law. The committee’s report states that the bill stems from the state’s obligation to look after the interests of Egyptians abroad, protect their rights, provide them with benefits and encouragement, enable them to fulfill their public duties towards the state and their contribution to the development of the country of the homeland in the light of current problems facing international trade and their negative consequences.
The Council approved Article 1 of the bill contained in the Government Draft, which provided for: an exception to the rules and regulations governing taxes and duties due on the importation of passenger cars for personal use, and provisions for customs exemptions established in accordance with the Customs Law promulgated Law No. 207 of 2020, and import controls. In the same respect, an Egyptian who has legal residence abroad is entitled to import one private passenger car for personal use, exempt from taxes and fees that should have been paid for the release 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 the payment of a sum of money in foreign currency, the return of which is not due transferred from abroad in favor of the Ministry of Finance to one of the bank accounts specified in the decision provided for in Article (8) of this Law, in the amount of 100% of the value of all taxes and fees that should have been paid for the release. For the car, including value added tax and schedule tax, and it is returned five years from the date of payment with the same value, in local currency in foreign currency are paid, and at the rate announced by the Central Bank at the time of redemption.
Source: Cairo 24