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“Finance” announces the conditions for benefiting from the draft law on importing cars for Egyptian expatriates residing abroad

Minister of Finance

Fathi Al-Sayeh

The car to be imported into Egypt must be from the same country in which the expatriate resides

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 and has the balance that will be transferred at least 3 months before the date of the issuance of the law on importing cars for Egyptian expatriates, which is currently being discussed in the House of Representatives, and the car to be imported into Egypt must 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 “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 has the right to import 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 In accordance with the rules and provisions stipulated in this law, in return for the payment of a cash amount in foreign currency, for which no interest is due, transferred from abroad in favor of the Ministry of Finance to one of the bank accounts specified by the resolution stipulated in the Article (8) of this law, at 100% of the value of all taxes and fees, which had to be paid to release the car, including value-added tax and schedule tax.
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 The value in the local exchange rate of the foreign currency in which it was paid at the exchange rate announced at the time of redemption.