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

The Ministry of Finance announced that among the conditions that must be met to benefit from the draft law on importing cars for Egyptian expatriates residing abroad, as soon as it is approved by the House of Representatives, and its issuance is that there must be a bank account in the country in which the expatriate resides, and it has been opened with the balance to be transferred 3 months At least before the date of the issuance of the car import law for Egyptian expatriates, which is currently being discussed in the House of Representatives.

The vehicle to be imported into Egypt must also be from the same country in which the expatriate resides; In order to benefit from 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 states 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 the 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 on 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 for the release of the vehicle, including the value tax. Added tax and schedule.

The draft law also stipulates that the cash amount transferred in favor of the Ministry of Finance shall be recovered after five 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.

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