- 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.
