Egyptian Minister of Finance Mohamed Maeet has said that more than 141,000 Egyptians residing abroad have electronically applied to the tax-free car import initiative, adding that the total value of payment orders transferred by expats reached about $713 million.
There are only six days left until the end of the initiative on May 14 and it will not be extended, Maeet said in statements on Monday.
He pointed out that the recent legislative amendments include reducing the customs tax by 70 per cent, and it applies retroactively to the beneficiaries of the initiative in countries outside the trade agreements. The total sums of money transferred from Egyptians in these countries to the account of the Ministry of Finance will be reduced by up to 58 per cent, depending on the liter capacity of the engine, and the type of fuel, the minister explained.
Maeet urged Egyptians residing in these countries, who had already transferred the money before amending the law on the initiative, to submit a request to refund the customs tax differences, noting that they should receive the refunded money in foreign currency within 6 months from the date of submitting the request online.
