CAIRO – Egypt’s Emigration Minister Soha Gendi said the cabinet’s endorsement of a bill on exempting cars of Egyptians living abroad from taxes, customs and fees is one of the most pressing demands of Egyptian expats.
She made the remarks in a recorded speech for Egyptian expats to expound the draft law for them.
Under the law, an Egyptian expat can deposit the value of the customs duties and taxes that they would have paid for releasing their car from customs to the Egyptian Ministry of Finance as a five-year bank deposit without interest in foreign currency.
Five years later, the expat will be able to withdraw the money in Egyptian pounds at the value of the local currency at the time of withdrawal.
The minister thanked Prime Minister Moustafa Madbouli and the ministers of finance, trade and industry as well as the governor of the Central Bank of Egypt and other officials concerned.
She noted that the bill will be referred to the parliament for examination and endorsement.
