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Egypt announces the conditions for benefiting from the draft law on importing cars for Egyptians abroad

The Egyptian Ministry of Finance announced the conditions that must be met to benefit from Draft law on importing cars for Egyptians residing abroadOnce approved by the House of Representatives.

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

read more: Car prices in Egypt begin to decline after the initiative of Egyptians abroad

The ministry added that the vehicle to be imported into Egypt must be from the same country in which the expatriate resides. To take advantage of the advantages and facilities included in this law for Egyptians residing abroad, by exempting their cars from taxes and customs upon entering Egypt.

The House of Representatives had approved a draft law on granting some facilities to Egyptians residing abroad.

The draft law stipulates that “as an exception to the rules and provisions regulating taxes and fees due on the import of passenger cars for personal use, and the provisions for customs exemptions established in accordance with the Customs Law promulgated by Law No. 207 of 2020, and import controls established in the same regard, an Egyptian who has a valid residence abroad is entitled to Importing one private passenger car for his personal use, exempt from taxes and fees that had to be paid to release the car, including value-added tax and schedule tax, in accordance with the rules and provisions stipulated in this law, in return for paying a cash amount in foreign currency, no A return is due on it, transferred from abroad in favor of the Ministry of Finance to one of the bank accounts specified by the decision stipulated in Article (8) of this law, at a rate of 100% of the value of all taxes and fees, which had to be paid to release the car, including the value tax. Added Tax and Schedule.

read more: Egypt expects to collect this dollar proceeds from the cars of Egyptians abroad

The draft law also stipulates that the cash amount transferred in favor of the Ministry of Finance shall be recovered after 5 years from the date of payment, with the same value in the local foreign currency paid in it at the exchange rate announced at the time of redemption.

read more: An official for Al-Arabiya: The difficulties of the initiative to exempt Egyptians’ cars abroad from customs

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