Egypt Approves Extension of Zero-Customs Car Import Initiative for Expats

• The Egyptian Cabinet has approved the extension of the zero-customs car import initiative for expats for an additional three-month period.
• The initiative allows expats to bring one personal-use vehicle to Egypt without incurring customs duties or taxes.
• Participants are required to deposit the equivalent value of the customs duties in foreign currency, which is later refunded to them in Egyptian pounds.
• The initiative generated around $763 million from 151,000 participating expatriates in its first phase.
• The second phase has seen a surge in demand, with registration applications increasing threefold compared to the first phase.
• The zero-customs initiative is part of Egypt’s efforts to increase revenues and address the scarcity of hard currency and mounting external debt.

Source: english.ahram.org.eg

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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