Egypt eases rules for tax-free car import programme

Minister Maait said on Tuesday that the cancelled requirement will instead be replaced with a bank statement showing a history of deposit, withdrawal and transfer transactions six months before the import date.

He also added that applicants will no longer be required to have their official required documents, such as their residence papers, bank account statements and their vehicle documents, authenticated at Egyptian embassies in their respective countries.

The Egyptian government ratified in October Law 161/2022 allowing Egyptians residing abroad to import tax-free one private car per person for a period of four months.

The law obligates applicants to invest the value of saved customs in foreign currency in an interest-free certificate of deposit (CD).

The amount is to be reimbursed in Egyptian pounds at the end of the time period according to the exchange rate at the time of reimbursement.

The finance minister said that Egypt hopes to bring in $2.5 billion from this initiative, noting that there are 14 million Egyptians living abroad. Citizens with dual citizenship may also apply.