Sisi signs “exemptions auto”for Egyptians working abroad

Egyptian President Abdel Fattah El-Sisi signed a decree that grants some facilities to Egyptians residing abroad.

The facilities provide that an Egyptian who has a valid residence abroad has the right to import a private car for personal use exempt from taxes and charges, in exchange of payment of an amount in cash in foreign currency for which no refund is due, at a rate of 100% of the value of all taxes and fees that it has had to pay to issue theautoAnd tale amount is recovered after five years from the payment date with the same value in local foreign currency paid in it and at the exchange rate announced by the Central Bank at the time of redemption.

The Egyptian president signed a decree establishing the Supreme Council for the automotive industry and a fund to finance the ecological automotive industry.

The Council is chaired by the Prime Minister, with the composition of the Minister of Industry in as Vice President of the Council, and the composition of the ministers concerned with planning, transport and finance, the Minister of State for military production and four experts appointed by the Minister of Industry, for a period of 4 years, renewable once.

The council aims to develop and develop the automotive industry sector in Egypt.

A fund is established to finance the environmentally friendly automotive industry, which are vehicles that produce no emissions or negative effects on the environment and aims to develop the necessary resources to finance the environmentally friendly automotive industry.