The deadline for applying for the initiative launched for Egyptians living abroad to import cars into the country, free of custom duties and taxes would be May 14, said Finance Minister Mohamed Maait.
There is no intention to extend the deadline for the initiative, after its expiry date, he added in a statement Sunday.
A maturity bond will be issued for each Egyptian citizen residing abroad who has benefited from the initiative and transformed the amount of money to the Finance Ministry at the National Bank of Egypt (NBE), he further said.
The recent legislative amendments include reducing the customs tax by 70 percent, he said.
It also applies retroactively to the beneficiaries of the initiative in countries outside the trade agreements, so that the total sums of money transferred from Egyptians abroad in these countries to the account of the Ministry of Finance are reduced by up to 58 percent, depending on the liter capacity of the engine and the type of fuel, he went on to say.
