Egypt’s Finance Minister Mohamed Mait issued a decision on Sunday setting regulations governing customs duties that were reduced on 150 types of imported production inputs in a bid to stimulate national industry and maintain employment rates.
The new regulations aim at facilitating customs procedures at all outlets to increase production, support local industry and localize advanced industries that comply with anti-climate change standards, the minister said in a statement.
Goods benefitting from reduced tariffs include production inputs, agricultural machinery and medicines and medical supplies.
Import duties on equipment for agricultural crops, straw, fodder, and sorting fruits and eggs have dropped from 5% to 2%. Raw materials like manganese, iron, aluminium, copper and lead ores are now subject to 5% tariff instead of 10%, while cement industry inputs will enjoy 0% to 5% rates compared to the previous 10%.
Tariffs for coal have also been lowered to 2% from 5%, while fertilizer and seed duties were reduced to 2% from 5%. Imported vehicles and parts will be subject to a 2% tariff instead of the current 5% to 40% range; natural gas‑powered cars will be subject to a 2% tariff from 30%, and duties on equipment for tractors, ships, aircraft and railways are now 2%.
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