Minister of Finance: Accelerating the pace of work to end the procedures for importing cars of Egyptians abroad

Fathi Al-Sayeh

Everyone who initiated the procedures for transferring the value of the deposit from abroad until May 14, 2023 benefits from the easy controls

We are committed to paying the deposits of Egyptians abroad on the set dates at the exchange rate at the time of maturity

A “deed of maturity” on the public treasury for citizens residing abroad with the value of the amounts transferred to the account of the Ministry of Finance

Head of the Customs Department:

Double the specialized staff to work around the clock to complete the import approvals

The reduced customs tax is valid throughout the five-year period of validity of the “import approval”

It is permissible Egyptians abroad may choose any car and exchange it at any time within 5 years

Dr. Mohamed Moait, Minister of Finance, affirmed that we are keen to accelerate the pace of work to end the procedures for importing cars of Egyptians abroad who are registered with this initiative, which has ended. on May 14, 2023; To take advantage of the easy controls, explaining that confirming bank transfers “takes time … but there is no worry.” What counts is the date of the transfer and not the date of its arrival to the account of the Ministry of Finance at the National Bank, which means that everyone who initiates the procedures for transferring the value of the deposit from abroad until the end of the current May 14th benefits One of the easy controls, even if the request is subject to review by the bank or the customs authority to issue the import approval for the car.20230524
The minister added that we are committed to paying the deposits of Egyptians abroad who benefit from the initiative to facilitate the import of cars, on the dates set at the exchange rate at the time they become due; As an “obligation of the public treasury”, and whoever wants to withdraw the transferred amounts from his account, in favor of the Ministry of Finance, and exit from the initiative after a year has passed from the date of import approval, he applies on the electronic platform, and he will obtain it at the exchange rate at the time of recovery within 3 months, pointing out that There is a “deed of maturity” from the Ministry of Finance, on the public treasury for citizens residing abroad, with the value of the amounts transferred to the account of the Ministry of Finance at the National Bank of Egypt. 20230524
The minister indicated that the reduction of customs tax by 70% 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 are reduced by this Countries account for the Ministry of Finance by up to 58% according to the liter capacity of the engine and the type of fuel.20230524
Al-Shahat Ghaturi, head of the Customs Authority, said that the specialized employees have been doubled to work around the clock, including vacations and public holidays, to complete import approvals, and about 40,000 import approvals have already been completed, and there are 37,000 under examination. He explained that the validity of the “import approval” for shipping and importing cars extends to 5 years, and the reduced customs tax is valid throughout the period of validity of the “import approval.” Non-first-owners have the right to import the car, provided that it does not exceed 3 years at the time of customs release.

6603 He added that applicants from Egyptians residing abroad may choose any car and replace it at any time. Within 5 years, as work continues to evaluate the cars and determine the due amounts that must be transferred over the five years.