Egypt attracted $500 million from expat customs-free car import initiative

The Egyptian government has attracted $500 million from expatriates as part of an initiative allowing them to import cars for personal use free of customs duties and taxes in exchange for a deposit in foreign currency.

In a statement on Saturday, Minister of Finance Mohamed Maait said 800 imported cars have been already released in Egypt.

The minister shed light on the recent facilitations issued under the initiative, which include cutting customs tax by 70 percent.

This reduces the sums of money transferred from Egyptians abroad in different countries to the account of the Ministry of Finance by up to 58 percent, according to the engine’s liter capacity and type of fuel.

The deadline for applying for the initiative would be 14 May, Maait said, noting that there will be no further extension.

The initiative, approved by the Cabinet in October, allows expats to not pay custom taxes for importing their vehicles into Egypt and instead send the money to the Finance Ministry as a foreign currency deposit for five years.