- 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.
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.